Puts Purchased on Kellogg Co. (K)

Shares of Kellogg Co. K are lower on the session by 5.20%, currently trading at $48.84. The stock has been moving largely sideways over the past six months, but is breaking down today on terrible earnings news. Options traders were buying protection on the name earlier in the session in size. The August $50.00 put was purchased 9,000 times, on the offer; open interest on the strike is 9,781 contracts. Put volume is now running at 9.11x the daily average. Kellogg Company is engaged in the manufacturing and marketing of ready-to-eat cereal and convenience foods. The company's principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods.