Dan Nathan Sees Unusual Options Activity In Advanced Micro Devices

Dan Nathan said on the show that he noticed unusually high options activity in

on a day when the stock surged 16.14 percent. Options volume was twice the average options daily volume and when the stock was trading at $3.23 there was a buyer of 43,000 contracts of the July 3 put options for $0.37. The breakeven for this trade is at $2.63 or 21 percent lower at the July expiration. Nathan said that some traders believe that

is becoming distressed, at least the equity is, they own the debt and with these put options they have protection in case of some sort of liquidity crash.