Protection Purchased on Discovery Communications (DISCK)

Shares of Discovery Communications DISCK are lower on the session by 4.92%, currently trading at $31.13. The stock has been trading higher over the past six months, but has had trouble around the $33.00 level. Options traders are buying protection on the name today. 1,005 puts have been purchased today; this represents 8x the daily volume. Over 70% of all puts traded were purchased on the offer as well, which signals bears buying puts with conviction. Discovery Communications, Inc., through its subsidiaries, operates as a media and entertainment company worldwide. It provides original and purchased programming across various distribution platforms with approximately 100 television networks in 35 languages. The company operates cable and satellite television networks in the United States, including Discovery Channel, TLC, Animal Planet, Discovery Health, Discovery Kids, Science Channel, Planet Green, Investigation Discovery, Military Channel, FitTV, and HD Theater.