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Benzinga
Benzinga
Business
Craig Jones

Are China Tech Stocks Preparing For A Bigger Rally?

BABA (Organization) Alibaba Alibaba Group Holding Ltd Mike Khouw

Shares of Alibaba Group Holding Ltd – ADR (NYSE:BABA) spiked after the Chinese retail giant reported upbeat quarterly results.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said the stock traded 2.5 times its average daily volume on Thursday.

Check out tech stocks making big moves in the premarket.

There were buyers of 12,520 of the June 3 weekly 100 calls at $1.17 per contract on average, Khouw mentioned. Trades see shares of Alibaba rising at least 7% by next Friday, he added.

BABA Price Action: Shares of Alibaba jumped nearly 15% to settle at $94.48 on Thursday.

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