From CNBC:
With Apple set to report earnings next week, the options market appears to be bracing for a big potential move to the downside.
Wednesday, put options that will only yield gains to their buyers if Apple shares fall below $101 by the end of next week are trading as if there is a 10 percent chance of such an outcome. A move to $101 would mark a drop of more than 11 percent for the tech giant.