On CNBC's "Options Action", Mike Khouw spoke about unusual options activity in Apple Inc. AAPL ahead of earnings. The company is scheduled to report earnings on Tuesday and the options market is implying a move of 4.5 percent in either direction.
Related Link: Apple Q1 Earnings Preview: Investors Brace For Update On Turbulent Quarter Marred By iPhone Weakness
Khouw noticed some activity on Monday in the February 1, 157.50 strike calls. Options traders were paying $2.95 for them, which sets the breakeven for the trade at $160.45 or 2.66 percent above the current stock price.
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