Traders See More Upside For Uber, After Stock Spikes 12% On Tuesday Following Earnings

Traders See More Upside For Uber, After Stock Spikes 12% On Tuesday Following Earnings

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Uber Technologies Inc. UBER traded at 3.5 times its average daily volume on Tuesday. The stock got busy after the company reported stellar results for the third quarter.

Check out other stocks making moves in the premarket.

There were buyers of 23,791 of the Nov. 4, weekly 30 calls at an average price of $1.00 per contract, Khouw mentioned. Traders expect shares of Uber Technologies to rise by at least 4% by Friday's expiration, he added.

UBER Price Action: Shares of Uber Technologies spiked 11.97% to close at $29.75 on Tuesday. Analysts unanimously recommend doing this with Uber's stock

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Posted In: CNBCMichael KhouwOptimize AdvisorsLong IdeasOptionsMarketsMediaTrading Ideas