More Runway Left For Block, Says CNBC's Zhang

Block Inc SQ is scheduled to report its second-quarter results on Thursday.

On CNBC's "Options Action," Tony Zhang of OptionsPlay said that Block traded more than two times its average daily volume on Wednesday. The options market is implying a move of around 11.6% after the company reports earnings, significantly higher than the 9.1% over the last eight quarters, he added.

Check out other stocks making moves in the premarket.

There were buyers of 2,000 of the August weekly 95-calls at an average price of $2.09 per contract, Zhang mentioned. Traders expect shares of Block to rise at least 13% by August expiration, he added.

SQ Price Action: Shares of Block rallied 11.35% to settle at $88.07 on Wednesday.

Photo courtesy of Block.