Mike Khouw Sees Unusual Options Activity In Weatherford International Plc

Mike Khouw spoke on

about bearish options activity in

. The stock saw more than 8 times average daily put volume on Monday and the most active were the August 7 puts, said Khouw. A trader bought 11,000 contracts of the August 7 puts for $0.55, betting that

is going to trade at $6.45 or 36 percent lower at August expiration. Khouw added that the company carries a lot of debt and that it is currently trading close to its 2008-2009 lows.