The Nasdaq rose more than 1% and S&P 500 also ended higher on Tuesday (Nov 19), led by a jump in technology shares as investors eagerly awaited results this week from Nvidia, while Walmart shares climbed after the retailer raised its annual forecasts.
Regarding the options market, a total volume of 40,372,683 contracts was traded on Tuesday.
Top 10 Option Volumes
Top 10: NVDA; TSLA; SMCI; MSTR; PLTR; AAPL; AMZN; WMT; MARA; NIO
Source: Tiger Trade App
Shares of Super Micro rose 31% on Tuesday to $28.27 after the company said in a statement on Monday that it had hired a new auditor and submitted a plan to the Nasdaq for a time extension to regain compliance with the stock market's listing requirements. That follows a 16% rise on Monday.
Super Micro stock has been the talk of the town since the summer. Investors have been working through seemingly endless streams of news of the server company since it reported earnings in August. This included disappointing profit margins, a short-seller report, delayed financial filings, the risk of delisting, and the resignation of its auditor. That news has seen the stock go from a popular artificial intelligence play to a highly volatile speculative bet.
A total number of 1.4 million options related to Super Micro was traded, of which 62% were call options. The rally in SMCI stock spurred gains in related bullish options. The $28 strike call option expiring this Friday surged 124% on Tuesday.
Source: Tiger Trade App
Unusual Options Activity
Source: Market Chameleon
Shares of C3.ai climbed 24.19% to $32.96 after the company said it has teamed with Microsoft to accelerate the adoption of enterprise artificial intelligence on Microsoft's Azure platform.
The enterprise AI software company said before the bell that it has expanded its partnership with Microsoft on a range of strategic initiatives, including the integration of C3.ai's full suite of enterprise AI application software on Microsoft's commercial cloud portal.
A total number of 272,916 options related to C3.ai was traded, 6.1 times higher than the 90-day average trading volume. Market sentiment for C3.ai is quite bullish.
Based on option delta volume, traders bought a net equivalent of 1,612,512 shares of C3.ai stock. The largest delta volume came from the 22-Nov-24 Call, with traders getting long 129,643 deltas on the single option contract.
Source: Market Chameleon
TOP Bullish & Bearish Single Stocks
This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).
If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.
Top 10 bullish stocks: SMCI; NVDA; JNPR; AMCR; TSLA; META; MPC; NFLX; UAL; MU
Top 10 bearish stocks: C; AMZN; UBER; CMCSA; INTC; MRNA; GOOGL; MDT; AMD; PLTR
Source: Market Chameleon
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