Block Options Point To Further Downside Ahead

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Block Inc. (NYSE: SQ) traded at 1.8 times the average daily put volume on Thursday.

On CNBC’s “Options Action,” Michael Khouw of Optimize Advisors said that Block Inc. (NYSE:SQ) traded at 1.8 times the average daily put volume on Thursday.

Check out other stocks making moves in the premarket.

There was a seller of 7,000 of the November 57.5 puts at an average price of $8 per contract, Khouw mentioned. The trader bought 7,000 of the November 50 puts at an average price of $4.50 per contract, he added. The trader expects Block to decline by 19% by November expiration, Khouw further mentioned.

SQ Price Action: The stocks of Block declined by 5.92% to settle at $55.93 on Thursday.

Photo courtesy of Block. 

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