Puts Purchased on Lennar (LEN)

Shares of Lennar Corporation LEN are lower on the session by 3.45%, currently trading at $14.27. The stock has been moving largely lower over the past six months, off of a recent high near $21.00. With shares falling back through the 50 and 200-day moving averages, LEN looks primed to go lower. Options traders are buying puts on the name today. A short while ago the January 2011 $12.50 put was purchased 10,000 times, on the offer, on open interest of only 6,398 contracts. This signals new positioning on the strike. Overall put volume is running at 4.19x the daily average, 84% on the offer. Lennar Corporation is a homebuilder and a provider of financial services. The home building operations include the construction and sale of single-family attached and detached homes, multi-level residential buildings, as well as the purchase and sale of residential land directly, and through unconsolidated entities in which the company has investments.