On CNBC's "Options Action," Mike Khouw said that calls outpaced puts in Tesla Inc (NASDAQ: TSLA) by a ratio of 2 to 1 on Tuesday, ahead of the earnings report.
The company is scheduled to report earnings Wednesday, after the market close, and the options market is implying a move of $35, higher or lower. That would be a move of around 8%, which is less than the company's average move on earnings, explained Khouw.
See Also: How To Trade The Netflix And Tesla Earnings Reports Using Options
During the session on Tuesday, Khouw noticed significant activity in the October weekly $450 calls. Around 18,000 contracts were traded for around $9.20 and some of them were actually sold, said Khouw. That suggests that investors don't expect to see the stock's last week highs of just over $460.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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October 21, 2020 at 10:06PM
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