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Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan discussed, inc. (NYSE: CRM) ahead of its Q4 release and noted that it was up about 7 percent since its last earnings report.

The weekly and monthly $60 Puts both saw action after the stock had come “off a really nice run since February 9,” after which “it gained almost 10 percent,” Kinahan explained.

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“Now it's selling off a little bit,” much of that through “natural market movement," he added.

Kinahan said he's not surprised to see Put-sellers in the market; almost all of's 7 percent gain since the previous earnings release had come since February 9.

Heading into its earnings report, traded at $62.40, up 0.76 percent.

Kevin Riley and Brianna Valleskey contributed to this report.

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