Mike Khouw Sees Unusual Options Activity In Twenty-First Century Fox

Speaking on CNBC's Options Action, Mike Khouw said that he noticed unusually high options volume in Twenty-First Century Fox Inc FOXA. Call options volume was more than three times the average daily call volume and the most active were the July 30 calls.

Around 7,000 contracts of the July 30 calls were bought on Thursday and traders paid $1 for them. The trade breaks even at $31 or 6.75 percent above the current market price.

The company is going to report earnings on May 10 and the options market is implying a move of 4.9 percent in either direction.