Apple reports earnings after the bell Thursday, and institutional investors are buying call options heavily, with 442 million dollars in call premiums out of 590 million total on Friday. Options prices imply a nearly 4% move after earnings, unusual compared to the historical average volatility of 1% over the past year. The stock trades less than two dollars below its all-time high, up 20% since late June. The most popular contract is the 340-strike call expiring Friday, which requires a 3.4% rally beyond the record high to be profitable.
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