Puts Purchased on PetSmart, Inc. (PETM)

Shares of PetSmart, Inc. PETM are lower on the session by 0.47%, currently trading at $40.25. 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 April 2011 $35.00 put was purchased 2,500 times, on the offer, on open interest of 2,692 contracts. Overall put volume is now running at 48.07x the daily average with 97% of all puts traded being purchases on the offer. PetSmart, Inc. is a specialty provider of products, services and solutions for the lifetime needs of pets. The company offers a line of products for all the life stages of pets, and offers various pet services, including professional grooming, training, boarding and day camp. It also offers pet products through an e-commerce site.