On CNBC's Options Action, Mike Khouw spoke about unusually high options activity in Apple Inc. AAPL. On Thursday, Khouw noticed that there were more bearish bets than bullish bets in the name.
Khouw said that the activity was in the September 115 put options, which were trading for $1.50. The breakeven for the trade is at $113.50 or 7 percent lower from the current stock price. At this price level the company would be trading at 10 times full-year earnings, excluding cash.
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