Puts Sold on Kellogg Co. (K)

Shares of Kellogg Co. K are higher on the session by 3.17%, currently trading at $49.50. The stock has been moving largely lower over the past six months, cratering yesterday on much worse than expected earnings news. Options traders are selling puts on the name today. The September $50.00 put was sold 5,000 times (in a single block), on the offer, for $2.10 earlier in the session. Given the open interest of 6,853 contracts, this looks like a closing transaction. Put volume is now running at 2.79x 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.