Crown Castle Sees Bearish Options Activity

Crown Castle International (NYSE: CCI), the owner and operator of communications towers, is seeing some unusual options trade today and that activity looks bearish with purchase of 5,000 July 30 puts. There was no corresponding long trade in the stock to indicate the puts are being used as insurance.

Open interest in the July 30 strike is just 65 contracts. Average daily options volume in Crown Castle is 1,500 contracts.