Shares of Best Buy Co Inc (NYSE:BBY) Thursday spiked more than 9%, despite reporting downbeat fourth-quarter results.
On CNBC's "Options Action," Mike Khouw of Optimize Advisors said that higher volumes of the stock were traded in the options market after the company reported results. Best Buy traded more than six times its average daily volumes on Thursday, he added.
There was a buyer of 850 of the April 112/125 strike calls for an average price of $4.00 per contract, Khouw mentioned. Buyers of those calls are betting the stock will rise between 4% and 10% by April expiration.
