Mike Khouw Sees Unusual Options Activity In International Game Technology

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On CNBC's "Options Action," Mike Khouw said he saw 14 times the average daily call options volume in International Game Technology PLC IGT on Thursday. Calls outpaced puts by about 8 to 1 and all of that was a result of a trader purchasing 20,000 contracts of the November $26/$33 call spread for $1.38.

The trade breaks even at $27.38 or around 16% above the closing price on Thursday. The stock needs to jump around 40% for the trade to reach its maximal profit of $5.62. It looks like the trader was adjusting earlier position in the November $23/$30 calls spread, said Khouw.

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Posted In: OptionsMarketsMediaCNBCMike KhouwOptions Action
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