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On CNBC's Options Action, Mike Khouw spoke about unusually high options activity in BJ's Restaurants, Inc. (NASDAQ:BJRI). The company is going to report earnings next week and its put options volume on Tuesday was over 100 times higher than its average daily put options volume.
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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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Khouw explained that there was one trade that tripled the open interest. He noticed a purchase of 5,000 contracts of the May 40/35 put spread for $1. The trade breaks even at $39 or 6.25 percent below the closing price on Tuesday. It can make a maximal profit of $4, if the stock drops 15.86 percent or lower at the May expiration.
BJ's Restaurants moves on average around 6.5 percent on earnings, said Khouw. He added that it dropped almost 9 percent last July, when it reported its 2Q earnings.