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Doubling Down?

Are options traders doubling down on Las Vegas Sands ahead of earnings?

That appears to be the case with today's action.

There was heavy call buying along a number of strikes in the November expiry, as well as a notable trade at the January 20-strike, where one investor bought over 11,000 calls.

Like a gambler down to their last chips, options traders are betting that the stock's recent pullback from $17 was a temporary cold streak, perhaps in sympathy with Wynn Resorts, which also fell following some disappointing results.

Still, concerns abound over Las Vegas Sands' ability to raise capital through its expected Macau IPO. "Wynn Macao's poor showing in Hong Kong since its own offering will weigh on LVS. The Wynn Macao deal originally came in at $10.08 hk and is now trading for $9.10," said Dan Nathan, Options Action star and options king at Phoenix Partners.

Questions, comments send them to us at: optionsaction@cnbc.com

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    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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