LTD – Limited Brands, Inc. – Investors picked up put options on the specialty retailer of women’s apparel, beauty and personal care products, and accessories right out of the gate this morning with the price of the underlying stock slipping as much as 3.00% to an intraday low of $24.20. Limited Brands’ put options are in demand ahead of the firm’s August sales report on Thursday morning, and after July reports showed that personal income rose less than anticipated. Bears expecting LTD’s shares to continue to decline ahead of September expiration purchased approximately 1,900 in-the-money puts at the September $25 strike for an average premium of $1.11 apiece. Put buyers are poised to profit – or realize downside protection should they hold long positions in the underlying stock – if LTD shares drop 1.3% from today’s low of $24.20 to breach the average breakeven price to the downside at $23.89 by expiration day. The jump in demand for near-term puts on the stock helped lift Limited Brands’ overall reading of options implied volatility 9.8% to 40.26% in late afternoon trading.