Puts Sold on Tessera Technologies (TSRA)

Shares of Tessera Technologies Inc. TSRA are higher on the session by 1.62%, currently trading at $16.94. The stock has been moving largely lower over the past three months and is trading below both the 50-day and 200-day moving averages. Options traders are selling puts on the name today. The January 2011 $16 put was sold 1,200 times, near the bid, on open interest of 1,203 contracts. There has also been a smattering of put sales, in smaller lots, on the $17.50 and $19.00 strikes in many other months. Put volume is now running at 8x the daily average. Tessera Technologies, Inc. develops, licenses and manufactures technologies in two areas: Micro-electronics, and Imaging & Optics. The company's Micro-electronics include semiconductor packaging technologies consisting of interconnect and substrates, and thermal management technology.