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On CNBC's Options Action, Mike Khouw spoke about unusually high bullish options activity in Apple Inc. (NASDAQ:AAPL). He said that over 400,000 call options were traded in the name, which is two times higher than the average daily call options volume.
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The company is going to report earnings on Tuesday and it moves 4.8 percent on average on the event. The options market is currently implying a move of 3.4 percent, which is around $26 billion.
Khouw said the weekly expiration calls were the most active ahead of the earnings report. Over 22,500 contracts of the May 5, 150 strike calls were traded for $1.05. The trade breaks even at $151.05 or 3.05 percent above the closing price on Monday.