Apple Shares Have More Downside Ahead

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Apple Inc. AAPL traded 1.5 times its average daily put volume on Thursday. “There were a lot of big bearish bets made,” he mentioned.

Check out other stocks making moves in the premarket.

There was a buyer of 23,000 of the November 120 puts at $2.43 per contract, Khouw said. The trader bet $5.6 million on the stock declining by at least 17.5% by November expiration, he added.

Also Read: Bulls and Bears Of The Week: Tesla, Apple, Meta And Why Michael Burry Says This Could Be Worse Than 2008