Puts Purchased on Lorillard, Inc. (LO)

Shares of Lorillard, Inc. LO are higher on the session by 0.02%, currently trading at $86.77. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the March 2011 $70.00 put was purchased 3,000 times, on the offer, on open interest of 9,733 contracts. Overall put volume is now running at 4.27x the daily average with 96% of all puts traded being purchases on the offer. Lorillard, Inc. is a manufacturer of cigarettes in the United States. Newport is the company's menthol flavored premium cigarette brand. As of December 31, 2009, the Newport brand accounted for approximately 91.5% of the company's sales revenue.