Puts Purchased on SLM

Shares of SLM (NYSE:

) are lower on the session by 2.57%, currently trading at $16.28. The stock has been moving largely higher over the past five months and is currently trading above the 200-day moving average. Options traders are buying puts on the name today. A short while ago the August 2011 $14.00 put traded 1,000 times on open interest of 65 contracts. Overall put volume is now running at 2.50x the daily average with 91% of all puts traded being purchases on the offer. SLM Corporation, known as Sallie Mae, is a holding company that operates through a number of subsidiaries. The company's primary business is to originate, service and collect loans made to students and/or their parents to finance the cost of their education.