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Splunk draws puts before earnings

Splunk is drawing downside option activity ahead of quarterly results near the end of this month.

OptionMonster's monitoring system detected the purchase of 5,000 December 55 puts for $2.10. Volume was more than 25 times open interest at the strike, which indicates new money was put to work.

Long puts lock in the price where a stock can be sold, so they make money if shares decline. Investors use them to hedge long positions or to speculate on a drop. (See our Education section)

SPLK rose 0.35 percent to $59.99 yesterday but is down 4 percent in the last three months. The software company is scheduled to report earnings after the close on Nov. 29.



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