On CNBC's "Options Action", Mike Khouw spoke about unusually high options activity ahead of earnings in Alibaba Group Holding Ltd BABA.
The company report earnings Thursday and the options market is implying a 6 percent move in either direction on the event. Khouw added that the options volume in the name reached 300,000 contracts, which is more than double its average daily volume.
During the session, Khouw saw a purchase of around 4,000 contracts of the November 200 calls and the sale of 4,000 contracts of the November 210 calls and the November 215 calls.
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