NEW YORK (AVAFIN) -- Options traders were heavily trading options contracts during the market session establishing a new 3-month volume record for shares of Level 3 Communications. A total of 15,140 put and 5,308 calls were traded equating to a 2.85 put/call ratio.

The ratio skew implies that investors are hedging their positions in anticipation of a stock move. Today's unusual volume activity confirms that traders are re-balancing their portfolios.

LVLT is trading below the 50 day moving average and higher than the 200 day moving average. Shares of Level 3 Communications closed at $22.15, up $0.99 (+4.68%) in the last trading session. Today's volume of 1M shares is less than the average volume of 2M shares.