Mike Khouw spoke on CNBC's "Options Action" about Uber Technologies Inc UBER. The company is due to report earnings on Thursday and Khouw noticed increased options activity in the name.
He saw about four times the average daily options volume in Uber as over 60,000 contracts were traded. The implied move on earnings is around 7 percent in either direction, which is less than it was expected for Lyft Inc LYFT on its earnings day.
There was some bullish activity in Uber on Thursday. A trader bought around 2,500 contracts of the June 7, 43.5 strike call for $0.55. The trade breaks even at $44.05 or 10.29 percent above the current stock price.
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