Puts Purchased on Rowan Companies, Inc. (RDC)

Shares of Rowan Companies, Inc. RDC are lower on the session by 1.46%, currently trading at $41.11. 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 $40.00 put was purchased 3,200 times, on the offer, on open interest of 2,167 contracts. Overall put volume is now running at 2.48x the daily average with 73% of all puts traded being purchases on the offer. Rowan Companies, Inc. is a provider of international and domestic contract drilling services. Rowan also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.