Puts Purchased on Paychex (PAYX)
Shares of Paychex Inc. (NASDAQ: PAYX) are lower on the session by 0.88%, currently trading at $26.05. The stock has been trading largely lower over the past six months and is currently in a technical downtrend.
Options traders are buying protection on the name today, bracing for further declines. The September $25.00 put was purchased 7,200 times, on the offer, a short while ago; open interest on the strike is only 1,905 contracts, signaling new, bearish positioning.
Put volume is now running at 5.70x the daily average.
Paychex, Inc. is a provider of payroll, human resource and benefits outsourcing solutions for small to medium-sized businesses. As of May 31, 2009, the company serviced approximately 554,000 clients. As of May 31, 2009, it serviced approximately 1,600 clients in Germany through its offices. It offers a portfolio of services and products that allow its clients to meet their diverse payroll and human resource needs.
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