Puts Purchased on California Pizza Kitchen

Shares of California Pizza Kitchen

are lower on the session by 0.05%, currently trading at $18.43. The stock has been moving largely higher over the past two 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 October 2011 $18.00 put was purchased 900 times, on the offer, on open interest of 739 contracts. Overall put volume is now running at 3.56x the daily average with 89% of all puts traded being purchases on the offer. California Pizza Kitchen, Inc. is a casual dining restaurant chain with a particular focus on the pizza segment. As of January 3, 2010, it owned, licensed or franchised 252 locations in 32 states and nine foreign countries, of which 205 are company-owned and 47 operate under franchise or license arrangements.