Puts Bought on Virgin Media (VMED)

Shares of Virgin Media Inc. VMED are higher on the session by 4.80%, currently trading at $16.80. The stock has been consolidating lower over the past few weeks, but has managed to hold the 200-day moving average, which is bullish. Options traders are picking up some protection on the name today, though. The December $12.50 strike was purchased 2,250 times on the offer for $0.80 a short while ago. Volume exceeded the open interest of 1,650 contracts, indicating new, bearish positioning on the strike. Put volume is running at 3.14x the daily average. Virgin Media Inc. is a provider of entertainment and communications services in the United Kingdom, offering quad-play broadband Internet, television, mobile telephony and fixed line telephony services.