Puts Purchased on Avis Budget Group (CAR)

Shares of Avis Budget Group Inc. CAR are lower on the session by 2.00%, currently trading at $11.29. The stock has been gyrating lower over the past two months and is now in a downward-trending channel. Options traders are bracing for some more downside and look to be buying puts. The January 2011 $7.50 strike was purchased 3,000 times on open interest of 902 contracts. This represents new, bearish positioning. Put volume is now running at 2.4x the daily average. Avis Budget Group, Inc. provides car and truck rentals and ancillary services to businesses and consumers in the United States and internationally. The Company operates two brands in the global vehicle rental industry, through Avis and Budget.