By Jud Pyle, CFA, chief investment strategist for the Options News NetworkLooking at Fortune Brands ( FO), we see that over 4,000 of the Sept 10 puts, 2,900 of the June 10 puts, and over 1,600 of the June 12.5 puts have traded. The current open interest in each of these put contracts was previously zero, according to the Sidewinder report at www.onn.tv. What is interesting about this activity is that the bulk of the volume has been initiated by buyers. The September puts traded for around 65 cents, meaning the investor needs the stock to close below $9.35 at September expiration for the puts to make money. Likewise, the June 10 puts traded for around 40 cents, so those have a break-even of $9.60.