Relative Put Volume Explodes on Steelcase Inc. (SCS)

Shares of Steelcase Inc

are lower on the session by 0.87%, currently trading at $10.26. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the April 2011 $10.00 put was purchased 1,000 times, on the offer, on open interest of only 16 contracts. This signals new positioning on the name. Overall put volume is now running at 509x the daily average with 99% of all puts traded being purchases on the offer. Steelcase Inc. is engaged in furnishing the work experience in office environments. It designs for a variety of customer needs through three core brands: Steelcase, Turnstone and Coalesse.