On CNBC's "Options Action," Mike Khouw spoke about unusually high options activity in salesforce.com, inc. CRM, which is due to report earnings on Tuesday after the bell.
Khouw saw around two times the average daily options volume on Monday. He also noticed the market is implying a move of just under 8% by the end of the week, which is in line with the average move of 7.7% for the event.
The most active options were the December $250 calls as over 4,000 contracts were traded for $5.30. Buyers are expecting the stock to trade above $255.30 or around 6% higher by the end of the week.
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