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On CNBC's "Options Action," Mike Khouw said calls outpaced puts by about 1.5 to 1 on Wednesday. This would normally be bullish, but Disney averaged more than 2 to 1 over the last 20 days so the action was somewhat less bullish.
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The company is going to report earnings on Thursday after the bell and the options market is implying a move of 4.5% in either direction. That's more than Disney's average move for the event of 3.4%.
The most active option was the June $180 put. Over 7,000 contracts were traded for the average price of $7.10. The trade breaks even at $172.90 or 2.78% below the closing price on Wednesday.