Bigger Gains Ahead For Qualcomm After Crossing Legal Hurdle With Apple

The Supreme Court Monday crushed Apple Inc’s AAPL bid to revive its patent dispute with Qualcomm, Inc QCOM in a lawsuit claiming infringement by Apple’s iPhones, iPads, and Apple Watches.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Qualcomm traded 1.6 times its average daily put volume on Monday. Calls outpaced puts by about 2:1, he added.

Check out other tech stocks making moves in the premarket.

There were buyers of 9,630 of the July 1 weekly 130 calls at $1.60 per contract on average, Khouw mentioned. The trader sees Qualcomm gaining at least 3% by Friday, he added.

Also Read: Apple Mixed Reality Headset Could Feature The Powerful M2 Chip

QCOM Price Action: Shares of Qualcomm rose 1.66% to settle at $127.18 on Monday.

Posted In: CNBCMichael KhouwOptimize AdvisorsLong IdeasOptionsMarketsMediaTrading Ideas

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