Trader hedges bet against Microsoft into earnings—here's how

That's at least according to one mystery trader who made a bearish trade in the name ahead of its earnings report after the bell Thursday, buying $136-strike put options expiring on July 26 for $2.12.

And, if you ask options expert Michael Khouw, co-founder and chief strategist at Optimize Advisors, it could simply be a bet against the bulls. Given that rally, it might even benefit the bulls to put on a similar trade, Brian Kelly, founder and CEO of BKCM, said in the same "Options Action" segment. Another way to trade Microsoft's impending report is to not trade it at all, said Steve Grasso, managing director of institutional trading at Stuart Frankel.

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