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Options traders bet on new all-time highs for Netflix after earnings

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Options traders see the streaming giant surging to new highs when it reports earnings after the bell on Thursday.

by 3 to 1, and the most active contract of the day pointed toward another big breakout to new highs.

"Some of the call action I was looking at were next week's 520-calls," said Khouw, "Those were trading for about $30. It looks like options traders may be targeting that $550 high we saw last week coming out of earnings." Those calls expire on July 24, and break even right around the $550 on the underlying stock. That's nearly 7% from where Netflix was trading Thursday morning. That level would be slightly higher than Netflix's all-time closing high of $548.73, but buyers of these calls are likely targeting an even larger breakout.

 

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