The bipartisan group of lawmakers is seeking to ban TikTok from the U.S. Shares of social media names, including Pinterest, Inc. (NYSE:PINS) and Meta Platforms, Inc. (NASDAQ:META) traded sharply higher, while Snap Inc.(NYSE:SNAP) edged lower on Tuesday.
On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Snap traded at 1.7x average daily call volume.
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There was a buyer of 6,600 of the December 10 calls at an average price of $0.16 per contract, Khouw mentioned.
The trader is betting that Snap’s stock will move back above the $10 mark by the end of the week.
Price Action: Shares of Snap dropped 0.5% to $9.41 in the regular trading session on Tuesday, but added 0.9% in after-hours trading. Pinterest and Meta shares jumped 11.9% and 4.7%, respectively, in the session.
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