Puts Purchased on Gannett Inc. (GCI)

Shares of Gannett Inc. GCI are higher on the session by 1.35%, currently trading at $12.77. The stock has been trading largely lower over the past four months, off from recent highs near $19.00. Options traders are buying puts on the name today, but this may be hedge positioning on long shares. The October $12.00 put was purchased 10,000 times, on the offer a short while ago; open interest on the strike is only 2,481 contracts, signaling new positioning on the strike. Put volume is now running at 5.38x the daily average. Gannett Co., Inc. is an international media and marketing solutions company. The company publishes 83 daily United States newspapers, including USA TODAY, the daily print newspaper, and more than 650 magazines and other non-dailies, including USA WEEKEND.