On CNBC's Options Action, Mike Khouw spoke about options trading activity in Alibaba Group Holding Ltd BABA on a day when the stock traded 2.41 percent lower. He added that the options trading volume was two times higher than the average daily options volume and the most active options were the weekly 97 puts.
Around 5,500 contracts of the November weekly 97 puts were traded and Khouw noticed one big trade of 2,000 contracts, that were bought for $3.60. The trade breaks even at $93.40 or 1 percent lower from the current stock price of Alibaba.
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