On CNBC's "Options Action," Tony Zhang said that he saw a fairly unusual float in The Coca-Cola Company (NYSE:KO) on Thursday. It trades about 53,000 contracts a day, but on Thursday more than four times more calls than puts were traded, added Zhang.
During the session, he noticed a purchase of 10,000 contracts of the September $57.50 calls for 96 cents. The trader laid out almost a million dollars in premium to bet that Coca-Cola is going to trade above $58.46 by the September expiration. That would be a move of at least 9.62%.
