Traders tap the brakes on Ford

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Options Action: Traders see Ford lower

Ford shares are flat this year, but one options trader is betting that the stock could fall more than 12 percent in the next month.

On Thursday, put activity outpaced that of calls by three times, primarily due to one large bearish bet. Specifically, the trader bought 18,000 of the May 14-strike puts for 6 cents each. Since buying a put gives one the right to sell a stock at a given price and time, this is a bet that Ford's shares will be below $13.94 by May expiration.

"The interesting thing about this trade is it's going to capture earnings on April 28," said Mike Khouw, a CNBC contributor.

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