Mike Khouw Sees Unusual Options Activity In Cleveland-Cliffs

Mike Khouw said on CNBC's "Options Action" that calls outpaced puts by more than six to one in Cleveland-Cliffs Inc CLF on Wednesday.

Among the most active options were the May $19 calls. Over 3,000 contracts were traded for $1.60, which sets the breakeven for the trade at $20.60 or 11.29% above the closing price on Wednesday.