Oracle Corporation (NYSE:ORCL) shares traded sharply lower on Tuesday after the company reported mixed first-quarter financial results.
On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Oracle traded more than 9x its average daily volume and was among the top five busiest single stock options on Tuesday.
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There were buyers of 36,400 of the September 110-puts at an average price of $1.34 per contract, Khouw mentioned.
Traders see Oracle’s stock moving lower through the September expiration.
Oracle reported first-quarter revenue of $12.45 billion, which was up 9% year-over-year, compared to the market estimate of $12.46 billion. The company reported first-quarter adjusted earnings per share of $1.19, which beat a Street consensus estimate of $1.15.
Price Action: Oracle shares fell 13.5% to close at $109.61 on Tuesday.
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