On CNBC's "Options Action," Bonawyn Eison spoke about high options activity in American Express Company (NYSE: AXP) ahead of earnings.
The company reports earnings on Friday, before the market opens and the options market is implying a move of 3.5% in either direction.
The stock moves 2% on average for the event.
During the session on Thursday, Eison noticed a purchase of around 2,000 contracts of the July 24, $90 puts.
The average price for the trade was 20 cents, which sets the breakeven at $89.80 or around 7% lower from the closing price on Thursday.