Downside Purchased on Varian Medical (VAR)
By Michael J. Zerinskas
July 08, 2010 2:08 PM
July 08, 2010 2:08 PM
Symbols: VAR
Shares of Varian Medical Systems Inc. (NYSE: VAR) are lower on the session by 0.88%, currently trading at $53.07. The stock has been trading largely sideways for the past six months; VAR is currently trading above both the 50-day and 200-day moving averages.
Options traders are buying protection on the name, though. The August $50.00 put was purchased, on the offer, 1,500 times; open interest on the strike is 3,344 contracts. Put volume is now running at 4.51x the daily average.
Varian Medical Systems, Inc. is engaged in the design, manufacture, sale and service of equipment and software products for treating cancer with radiotherapy, stereotactic radiosurgery, and brachytherapy.
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