Puts Purchased on American Tower Corporation

Shares of American Tower Corporation

are higher on the session by 1.07%, currently trading at $54.71. The stock has been moving largely higher over the past three 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 June 2011 $52.50 put was purchased 4,000 times, on the offer, on open interest of 8,062 contracts. Overall put volume is now running at 2.03x the daily average with 80% of all puts traded being purchases on the offer. American Tower Corporation is a holding company. It is a wireless and broadcast communications infrastructure company that owns, operates and develops communications sites. Its primary business includes leasing antenna space on multi-tenant communications sites to wireless service providers and radio and television broadcast companies.