Protection Rolled Lower on Bed Bath & Beyond (BBBY)

Shares of Bed Bath & Beyond BBBY are higher on the session by 3.41%, currently trading at $43.12. The stock has been a relative outperformer as of late, though it seems like a move lower, toward the $40 support level may be in order. Options trading is favoring the put side today as well. A short put spread traded on the July $41/40 lines, where the $41 was sold and the $40 purchased. Open interest on the $41 strike is 1,136 contracts and the $40 strike has 373 contracts. It is possible that this is a fresh put spread position, though it seems more likely that someone is rolling a long put position lower on the name. Put volume is now running at 3x the daily average. Bed Bath & Beyond Inc., along with its subsidiaries, is a chain of retail stores, operating under the names Bed Bath & Beyond, Christmas Tree Shops, Harmon and Harmon Face Values and buybuy BABY. In addition, the Company is a partner in a joint venture, which operates two stores in the Mexico City market under the name Home & More.