Protection Purchased on Red Robin (RRGB)

Shares of Red Robin Gourmet Burgers

are higher on the session by 0.84%, currently trading $19.26. The stock has fallen sharply as of late on high volume and is now trading below the 200-day moving average. Options traders are bracing for further downside and are buying the June and July $20 puts, which have traded 1,025 and 1,146 times, respectively. Volume vastly exceeded open interest on both strikes. Put volume is now running at 4.78x the daily average. Red Robin Gourmet Burgers, Inc., together with its subsidiaries, is a casual dining restaurant chain focused on serving burgers. As of December 27, 2009, Red Robin had 21 franchisees, which were operating 133 restaurants in 21 states and 2 Canadian provinces.