LPS – Lender Processing Services, Inc. – The provider of integrated technology and outsourced services to the mortgage lending industry attracted a bevy of long-term bearish put buyers this afternoon. Shares are down 0.40% at $33.31 heading toward the close, but did manage to eke out an early-morning rally of 0.25% to touch an intraday high of $33.52 perhaps after being rated new ‘buy’ at Fagenson & Co. with a 12-month target share price of $38.00. Put players may be buying the puts outright because they expect the firm’s shares to decline, or they could be building up downside protection to provide long-term insurance on sizeable positions in the underlying shares. It looks like investors purchased approximately 9,500 put options at the March 2011 $30 strike for an average premium of $2.00 apiece. Traders holding these contracts are prepared to profit should Lender’s shares plummet 15.9% from the current price of $33.31 to breach the effective breakeven point to the downside at $28.00 by expiration day next March. LPS shares would need to fall below the current 52-week low on the stock of $29.22 for investors to start to make money or before downside protection kicks in.