Option Movers | Trump Media Call Option Skyrockets 427%; Tesla See About 70% Call Options

Market Overview

The Dow rallied on Monday to a one-month high, while the Nasdaq tumbled over 1% as investors rotated out of AI-linked stocks and added some laggards to their portfolios, betting on Federal Reserve interest rate cuts this year.

Regarding the options market, a total volume of 41,460,189 contracts was traded on Monday (June 24), down 12.6% from the previous trading day.

Top 10 Option Volumes

Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Apple(AAPL)$, $Amazon(AMZN)$, $Advanced Micro Devices(AMD)$, $GameStop(GME)$, $Palantir(PLTR)$, $Meta(META)$, $Marathon Digital(MARA)$, $Super Micro Computer(SMCI)$

$Nvidia(NVDA)$ shares fell 6.7% on Monday, the chipmaker’s third down day in a row, and the stock is now down 13% from its peak last week.

Nvidia’s decline brought with it a slide in chipmakers and other tech companies that have been tied to the artificial intelligence boom. $Super Micro Computer(SMCI)$, which sells servers packed with Nvidia’s AI chips, fell 8.7 percent, and $Dell Technologies Inc.(DELL)$, which competes in that market, was off 5.2%.

There are 6.75 million Nvidia option contracts traded on Monday. Call options account for 60% of overall option trades. Particularly high volume was seen for the $125 strike call option expiring June 28, with 262,921 contracts trading. $NVDA 20240628 125.0 CALL$

There are 276.23K $Meta(META)$ option contracts traded on Monday. Call options account for 62% of overall option trades. Particularly high volume was seen for the $510 strike call option expiring June 28, with 15,400 contracts trading. $META 20240628 510.0 CALL$

There are 1.37 million $Tesla(TSLA)$ option contracts traded on Monday. Call options account for 69% of overall option trades. Particularly high volume was seen for the $190 strike call option expiring June 28, with 179,195 contracts trading. $TSLA 20240628 190.0 CALL$

Unusual Options Activity

$Trump Media(DJT)$ stock soars 21% on Monday. There are 248.87K Trump Media option contracts traded. Call options account for 73% of overall option trades. The $35 strike call option expiring this Friday surged 427% on Monday. $DJT 20240628 35.0 CALL$

$Broadcom(AVGO)$ shares fell 4% on Monday. There are 117.04K Broadcom option contracts traded. Call options account for 59% of overall option trades. Particularly high volume was seen for the $1750 strike call option expiring June 28, with 7,176 contracts trading. $AVGO 20240628 1750.0 CALL$

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 -2,021,850 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 28-Jun-24 210 Call, with traders getting short 3,351,401 deltas on the single option contract. $AAPL 20240628 210.0 CALL$

Top 10 bullish stocks: $Patterson-UTI(PTEN)$, $JD.com(JD)$, $Carnival(CCL)$, $Archer Aviation(ACHR)$, $Trump Media(DJT)$, $Huntsman(HUN)$, $AT&T(T)$, $Beyond Meat(BYND)$, $GameStop(GME)$, $Medtronic(MDT)$

Top 10 bearish stocks: $Nikola(NKLA)$, $Amazon(AMZN)$, $Innoviz Technologies(INVZ)$, $Apple(AAPL)$, $SoFi Technologies(SOFI)$, $Nvidia(NVDA)$, $Alphabet(GOOGL)$, $Tesla(TSLA)$, $CommScope(COMM)$; $Maxeon Solar Technologies(MAXN)$

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