Tony Zhang Sees Unusual Options Activity In AMC Entertainment

On CNBC's "Options Action," Tony Zhang spoke about unusually high options activity in AMC Entertainment Holdings Inc AMC on Wednesday. The stock closed Tuesday around 20% higher, but there was one large bet against that move.

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The name traded fairly actively as around 1.4 million options contracts were traded, which is almost two times the average daily volume. The trade that caught Zhang's attention, was a purchase of 1,000 contracts of the October $45 puts for $12.24. It breaks even at $32.76 or around 25% below the closing price on Wednesday.