Dan Nathan Sees Unusual Options Activity In Snap

On CNBC's "Options Action," Dan Nathan spoke about unusually high options activity in Snap Inc SNAP. He said the call options volume was five times the average daily volume and 3 times that of puts.

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When the stock was trading around $11, Nathan noticed a purchase of 6,500 contracts of the October 11 calls for $1.85. The trade breaks even at $12.85 on October expiration or 13.92 percent higher from the closing price on Thursday.