One trader is betting that Nike shares will stumble when it reports earnings next week.
The company's stock is up 23 percent in the past year but options traders are betting that the run may soon end. On Thursday, when options volume ran more than two times its daily average, one trader placed a complicated transaction that is targeting a 5 percent decline for Nike shares in the next month.
"The trade actually makes the most money at $91," explained Dan Nathan, a CNBC contributor and founder of RiskReversal.com.
According to Nathan, the trade is playing for a range that Nike stock has been stuck in.