Market Overview
The S&P 500 and Nasdaq composite finished a shade lower on Thursday (June 6) ahead of a key labor market report, retreating from record highs reached in the previous session. The Dow was slightly higher.
Regarding the options market, a total volume of 40,286,094 contracts was traded, up 5% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $GME(GME)$, $BAC(BAC)$, $AMC(AMC)$, $AMD(AMD)$, $PLTR(PLTR)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $HOOD(HOOD)$
Source: Tiger Trade App
$GameStop(GME)$ shares soared over 47% Thursday after Keith Gill, who goes by "Roaring Kitty" and was one of the key players in the 2020 and 2021 meme-stock craze, scheduled his first YouTube livestream in more than three years.
Gill scheduled a YouTube livestream for 12 p.m. ET Friday, in what will be his first livestream since 2021. Nearly 15,000 users were registered as waiting for the stream as of 4:30 p.m. ET Thursday.
There are 1.53 million GameStop option contracts traded on Thursday, up 149% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $40 strike call option expiring June 7, with 81,076 contracts trading. GME 20240607 40.0 CALL
$Bank of America(BAC)$ is about to distribute Q2 stock dividends. The bank declared a regular quarterly cash dividend on common stock of $0.24 per share, payable on June 28, 2024 to shareholders of record as of June 7, 2024.
There are 1.37 million Bank of America option contracts traded on Thursday, up 10.4 times from the previous trading day. Call options account for 97% of overall option trades. Particularly high volume was seen for the $35 strike call option expiring June 21, with 363,602 contracts trading. BAC 20240621 35.0 CALL
Unusual Options Activity
Source: Market Chameleon
$PayPal(PYPL)$ shares rose 5.5% on Thursday to record its largest single-day percentage increase since Jan. 19, when it rose 6%.
The drivers are twofold, according to Mizuho analyst Dan Dolev. For one, Chief Executive Alex Chriss sounded bullish at an investor conference late Wednesday. Plus, Dolev thinks investors are coming around to the opportunity presented by PayPal’s PYPL new Fastlane product, which aims to speed up guest checkout.
There are 311.8K PayPal option contracts traded on Thursday, up 362% from the previous trading day. Call options account for 78% of overall option trades. Particularly high volume was seen for the $67 strike call option expiring June 7, with 15,944 contracts trading. PYPL 20240607 67.0 CALL
$Lululemon Athletica(LULU)$ shares rose 4.8% on Thursday after the company boosted its full-year profit outlook and raised its stock repurchase program by $1 billion.
There are 256.5K Lululemon option contracts traded on Thursday, up 42% from the previous trading day. Call options account for 55% of overall option trades. Particularly high volume was seen for the $330 strike call option expiring June 7, with 10,957 contracts trading. LULU 20240607 330.0 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 sold a net equivalent of -4,678,663 shares of Intel stock. The largest bearish delta came from buying puts. The largest delta volume came from the 19-Jul-24 40 Put, with traders getting short 1,643,026 deltas on the single option contract. INTC 20240719 40.0 PUT
Top 10 bullish stocks: $BAC(BAC)$, $GME(GME)$, $AMC(AMC)$, $BMY(BMY)$, $PYPL(PYPL)$, $SLB(SLB)$, $X(X)$, $SNOW(SNOW)$, $MARA(MARA)$, $ZIM(ZIM)$
Source: Market Chameleon
Top 10 bearish stocks: $INTC(INTC)$, $VOD(VOD)$, $AAPL(AAPL)$, $CSCO(CSCO)$, $CCL(CCL)$, $WMB(WMB)$, $CVS(CVS)$, $TSLA(TSLA)$, $AMD(AMD)$; $NKE(NKE)$
Source: Market Chameleon
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$(GME)$ $(BAC)$ $(LULU)$ $(PYPL)$
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