Mike Khouw's QUALCOMM Trade

CNBC Options Action's Mike Khouw and Carter Worth teamed up to deliver a bearish trading idea for QUALCOMM, Inc.(NASDAQ: QCOM).

Worth believes that QUALCOMM is going to struggle because of strong U.S. dollar. The company has a large exposure to foreign markets as 97 percent of the revenue comes from abroad.

Worth would take a short position in the stock because it is underperforming its peers and the market.

Khouw provided a bearish options strategy that should cover next earnings report. He would buy the February 72.5 put for $2 and sell the February 67.5 put for $0.75 and pay $1.25 for the spread. The breakeven for this trade is at $71.25 or 4.5 percent lower and the maximal profit is $3.75.