NEW YORK -- Bearish option traders have a read on Gannett (GCI) - Get Report as the newspaper publisher pulls back from long-term highs. 

OptionMonster's Depth Charge system detected the purchase of about 4,400 October 33 puts Wednesday, most of which priced for $1.90. Volume was 130 times open interest at the strike, an indication new money was put to work. 

Puts lock in the price where investors can sell a stock. These options move in the opposite direction of a stock, so they can be used to hedge long positions in the equity or to speculate on a drop. 

Gannet fell 0.64% to $34.27 on Wednesday. It traded above $37.50 last month for the first time in seven years and is now trying to hold a support level from last summer. Results have been mixed, with profit above estimates the last two quarters but revenue lagging. 

The company, which owns USA Today and 43 television stations, may also struggle if slowing economic data continues to weigh on the broader consumer-discretionary sector. 

Total option volume was 13 times greater than average in the session, with overall puts outnumbering calls by a bearish 46-to-1 ratio. 

-- Written by David Russell of OptionMonster

Russell has no positions in the stocks mentioned