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On CNBC's "Options Action," Mike Khouw spoke about unusually high options activity in Gap Inc (NYSE:GPS) ahead of earnings.
The company is going to report earnings on Thursday and the options market is implying a move of 11.5% in either direction on the event. The average move over the last eight quarters was 8.5%.
See Also: Gap Q2 Earnings Preview
On Wednesday, put options volume was more than two times the 20-day average put volume and the most active were the Aug. 23 15.50 strike puts. Options traders paid 40 cents on average for them, which sets the breakeven for the trade at $15.10 or 11% lower from the closing price on Wednesday.
Gap shares traded higher by 3.5% to $17.56 Thursday morning.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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