Showtime For Apollo

Between the death of Michael Jackson, a prolonged and spectacular car chase, and the Madoff sentencing, the cable news world has been in a virtual frenzy this afternoon. It's like a gift from God for those who make a living producing this stuff.

But believe it or not, there's another event that will occur in just minutes after the close that is sure to titillate yet another, albeit smaller demographic: Apolloinvestors .

That's because the education provider is set to release results after the bell, and while one could argue that such an event pails in comparison to high speed car chases, the death of a pop icon, and the comeuppance of one world's reviled figures, consider the following: in the last eight quarters, the stock has moved an average of 15% on the day after earnings.

With moves like that, it's no wonder some options traders are already placing their bets on a big move. For example, today we saw heavy volume on the July 75 and 80-strike calls, as well as some decent activity at the July 60-strike put. According to Dan Nathan, whose television persona trumps any car chase, many of those 80-strike calls and 60-strike puts were sold, indicating that some options traders think the move may not exceed those levels. Still, even if Apollo stock stays within those strikes, a big move appear likely, and that is big news no matter what's going on in the world.

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

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