Option Movers｜Salesforce's Trading Volume Surges 6 Times; Traders Expect Dell to Hit $200 This Friday

U.S. stocks ended lower on Thursday(May 30), with the Nasdaq falling more than 1% and technology shares leading declines after a disappointing Salesforce forecast.

Regarding the options market, a total volume of 38,492,509 contracts was traded on Thursday, up 9% from the previous trading day.

Top 10 Option Volumes

Top 10: $SPDR S&P 500 ETF Trust(SPY)$ ; $Invesco QQQ(QQQ)$ ; $TSLA(TSLA)$; $NVDA(NVDA)$; $Salesforce.com(CRM)$ ; $iShares Russell 2000 ETF(IWM)$ ; $AAPL(AAPL)$; $AMD(AMD)$; $Microsoft(MSFT)$ ; $Amazon.com(AMZN)$

Source: Tiger Trade App

Salesforce fell 20% after it reported first-quarter adjusted earnings that topped Wall Street predictions, but shares of the business-software company were down nearly 20% after revenue of $9.13 billion came up short and its outlook for the current fiscal second quarter missed estimates. Salesforce said it expects second-quarter revenue of $9.2 billion to $9.25 billion and adjusted earnings of $2.34 to $2.36 a share. Analysts had been expecting revenue of $9.35 billion and profit of $2.40. The company’s current remaining performance obligations, which combines deferred revenue and order backlog, rose 10% in the first quarter but Salesforce had told analysts to expect growth of 12%.

A total number of 935.9K options related to CRM shares was traded, five times higher from the previous trading day. Put options account for 56% of overall option trades. A particularly high trading volume was seen for the $230 strike call option expiring this Friday, with a total number of 56,157 option contracts trading.$CRM 20240531 230.0 CALL$ 

Unusual Options Activity

Source: Market Chameleon

Dell forecast current-quarter profit below market estimates on Thursday, and signaled that higher costs to build servers that meet heavy AI workloads would dent annual margin, sending its shares down more than 17% in premarket trading Friday.

A total number of 365,035 options related to Dell shares was traded, up 122% from the previous trading day. Call options account for 64% of overall option trades. A particularly high trading volume was seen for the $200 strike call option expiring this Friday, with a total number of 15,984 option contracts trading.$DELL 20240531 200.0 CALL$ 

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.

Based on option delta volume, traders bought a net equivalent of 2,541,300 shares of American Airlines stock. The largest bullish delta came from selling puts. The largest delta volume came from the 20-Sep-24 10 Put, with traders getting long 1,793,450 deltas on the single option contract.$AAL 20240920 10.0 PUT$ 

Top 10 bullish stocks: AAL, TMUS, DOW, TSN, BAC, DIS, GLW, BBY, GILD, T

Top 10 bearish stocks: AAPL, NVDA, TSLA, MSFT, AMZN, F, CRM, D, C, AMD

Source: Market Chameleon

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