Bonawyn Eison Sees Unusual Options Activity In American Express

On CNBC's "Options Action," Bonawyn Eison spoke about high options activity in American Express Company AXP ahead of earnings. The company reports earnings on Friday, before the market opens and the options market is implying a move of 3.5% in either direction. The stock moves 2% on average for the event.

During the session on Thursday, Eison noticed a purchase of around 2,000 contracts of the July 24, $90 puts. The average price for the trade was 20 cents, which sets the breakeven at $89.80 or around 7% lower from the closing price on Thursday.