Mike Khouw Sees Unusual Options Activity In Advanced Micro Devices

On CNBC's "Options Action," Mike Khouw said calls outpaced puts by about three to one in Advanced Micro Devices, Inc. AMD on Tuesday and the most active options were the $82 strike calls that expire on Friday.

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Over 18,000 contracts of the April $82 calls were traded for around a dollar, which sets the breakeven for the trade at $83 or 1.92% above the closing price on Tuesday.

AMD and Xilinx, Inc. XLNX are holding a special shareholder meeting on Wednesday as they are looking to finalize the $35 billion deal.