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Options market’s top 3 earnings plays

Three stocks stand out in the options market on earnings results, TD Ameritrade Chief Derivatives Strategist JJ Kinahan said Tuesday.

Investors were most bearish on Buffalo Wild Wings, whose stock saw August 90 puts give way to September puts down to 85 to 75, which was a "pretty aggressive play," Kinahan said.

He also noted that the stock had been up about 10 percent since its last reported quarterly earnings.

Buffalo Wild Wings, whose stock was trading in the $97 range midday, was expected to announce second-quarter earnings after the stock market close.

On CNBC's "Fast Money," Kinahan said that one of the most active stocks being traded on the options market was LinkedIn, which was seeing bets on both sides of the chart.

"Here's one, again, where people are buying down on the $180 line," he said, adding that investors were looking for larger gains. On the upside, a large number of options were being purchased at the $220 level.

LinkedIn, which traded around $202 per share midday, was to report quarterly earnings Thursday after the close.

"This is one where we could have some fun with their earnings over the next few days," Kinahan said.

Investors were most bullish on HCA, he added.

"They are playing for a little bit of pop off this earnings for them to go up a couple of dollars, back to that $41 level, which is their 52-week high," Kinahan said. "And if you look on the put side, 80 percent of the puts that have traded so far in there today, have actually been on the 'sell' side."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On July 30, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Stephen Weiss is long AAMRQ; Stephen Weiss is long AIG; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long MOS; Stephen Weiss is short POT; Stephen Weiss is long LCC; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long AMZN; Pete Najarian is long NFLX; Pete Najarian is long FB ; Pete Najarian is long BBRY; Michael Murphy is long BAC; Michael Murphy is long SNE.

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