Target Corporation (NYSE:TGT) reported its second-quarter financial results, before the opening bell on Aug. 16.
On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Target traded at 5x its average daily put volume on Tuesday and options markets are implying a move of around 7% post the release of quarterly earnings.
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There was a buyer of 1,200 of the September 120-puts at an average price of $4.80 per contract, Khouw mentioned.
Trader sees Target’s stock falling at least 5% by September expiration.
The company to post quarterly earnings at $1.80 per share, up sharply from year-ago earnings of 39 cents per share. The company’s revenue came in at $24.77 billion, compared to $26.04 billion in the year-ago period.
Price Action: Target shares fell 2.6% to close at $125.05 on Tuesday, but added 6.6% in Wednesday’s premarket trading session.
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