Charles Schwab Options Traders Betting On Further Weakness In Stock

The Charles Schwab Corporation SCHW shares traded lower on Monday amid continued uncertainty in the banking sector due to instability in some regional banks.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Charles Schwab was one of the busiest financial stock options on Monday. It was the 8th most active Financials stock during Monday’s session.

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There was a buyer of 1,000 of the May 12 weekly 44-puts at an average price of 13 cents per contract, Khouw said.

The trader expects further weakness in Charles Schwab’s stock through Friday.

Schwab recently said the pace of outflows slowed in April. The company also executed a second amended and restated insured deposit account with TD Depository.

Price Action: Charles Schwab shares fell 3.3% to close at $47.63 on Monday.

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