Speaking on CNBC's Options Action, Mike Khouw said that the options daily volume in Lululemon Athletica inc. LULU on Tuesday was five times larger than its average daily options volume.
The company was scheduled to report earnings on Wednesday morning and it moves 10 percent on average on the event. The options market is implying another 10 percent move in the name, added Khouw.
He noticed that the most active options in Lululemon Athletica were the April 1, 67 strike call options and they were trading for $0.60. Their buyers see the stock above $67.60 or 10 percent higher until the April 1 expiration.
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