Puts Purchased on Saks Incorporated (SKS)

Shares of Saks Incorporated SKS are lower on the session by 3.57%, currently trading at $10.53. The stock has been moving largely higher over the past six months, but recently came under selling pressure and is currently trading below the 50-day moving average. Options traders are buying puts on the name today. A short while ago the January 2011 $10.00 put was purchased 1,000 times, on the offer, on open interest of 1,521 contracts. Overall put volume is now running at 6.43x the daily average with 95% of all puts traded being purchases on the offer. Saks Incorporated, together with its subsidiaries, operates fashion retail stores in the United States. The company's stores offer a range of luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts.