Options Action: Adobe Systems

Shares of Adobe Systems fell sharply in trading Wednesday after the technology company posted weaker-than-expected revenue outlook for its fiscal fourth quarter.

While many investors stepped in to buy the stock for value, its options are also discounted, noted Mike Khouw of Cantor Fitzgerald. For Wednesday's "Options Action," Khouw explains how to use options and limit risk, if making a bullish bet on ADBE.

**MIKE'S ADBE TRADE**
Buy the Jan. 27 calls at $1.90

Watch the video to learn more about this trade.

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Trader disclosure: On Sept. 22, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (GS), (IBM), (HES), (JOYG), (XBI), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (SLB), (SU), (SPLS), (RIG), (UPL), (MA), (VRTS); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman owns (AAPL); Finerman’s firm owns (BKS); Finerman and Finerman’s firm owns (BAC); Finerman and Finerman’s firm owns (JPM); Weiss owns (AU), (UXG), (NIHD), (SF), (PJC), (KBW), (QCOM), (AGU), (BAC), (POT), (VZ)

Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (ORI)
Accounts managed by Kanundrum Capital own (RGR)
Accounts managed by Kanundrum Capital own U.S. Dollars
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital own (POT) calls
Accounts managed by Kanundrum Capital own Swiss Francs
Accounts managed by Kanundrum Capital are short (BCS)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short Mexican Peso
Accounts managed by Kanundrum Capital are short U.K. Pound
Accounts managed by Kanundrum Capital are short (HYG)
Accounts managed by Kanundrum Capital are short (STT)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DLUEY)
Virtus Investment Partners own more than 1% of (DRYS)

For Bill Fleckenstein
Fleckenstein owns Gold
Fleckenstein owns Silver

For Eric Jackson
Jackson owns (MSFT)
Jackson is short (RIMM)
Jackson owns (AAPL)
Jackson owns (GOOG)

For Mike Khouw
Cantor Fitzgerald makes a market in (ADBE)

For Robert Breza
***No Disclosures***

For Barry Ritholtz
***No Disclosures***

CNBC.com with wires.