Puts Purchased on Foster Wheeler (FWLT)

Shares of Foster Wheeler AG

are lower on the session by 0.24%, currently trading at $21.01. The stock has been trading largely lower for the past six months and is in a technical downtrend. Options traders are buying protection today. The July $24 put was purchased nearly 1,400 times on open interest of just 732 contracts, signaling new positioning on the strike. This appears to be hedge buying on long shares, though, given how far in the money the strike is. Put volume is now running at 2.00x the daily average. Foster Wheeler AG, formerly Foster Wheeler Limited, incorporated on November 18, 2008, operates through two business groups: Global Engineering and Construction Group and Global Power Group.