Bonawyn Eison Sees Unusual Options Activity In Lululemon

On CNBC's "Options Action," Bonawyn Eison said calls outpaced puts 1.5 times in Lululemon Athletica Inc LULU heading into earnings.

The company is scheduled to report earnings on Thursday, after the bell, and the options market is implying a move of 8% in either direction between now and Friday. The stock moves 5% on average on the event.

The trade that really stuck out to Eison was the sale of 1,000 contracts of the December 11, $400 strike calls for $4.35. The breakeven for the trade is at $404.35 or 11.22% above the closing price on Wednesday.