Option Movers | Faraday Future Sees 78% Call Options; Tesla Call Option Skyrockets 427% in One Day

Market Overview

Major U.S. stock indexes closed with modest gains on Wednesday after a choppy trading session, with investors holding their cards close to the vest ahead of a presidential debate and an inflation report closely watched by Federal Reserve policy makers.

Regarding the options market, a total volume of 38,518,453 contracts was traded on Wednesday (June 26), up 8.8% from the previous trading day.

Top 10 Option Volumes

Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Amazon(AMZN)$, $Apple(AAPL)$, $Rivian(RIVN)$, $Micron(MU)$, $Advanced Micro Devices(AMD)$, $Chipotle Mexican Grill(CMG)$, $Microsoft(MSFT)$, $Faraday Future(FFIE)$

Source: Tiger Trade App

$Amazon(AMZN)$ has reached a $2 trillion market valuation for the first time ever as an artificial intelligence-fueled rally pushed the tech giant deeper into record territory.

Shares rose 3.9% on Wednesday to close at $193.61, pushing the market value to more than $2 trillion.

There are 1.53 million Amazon option contracts traded on Wednesday, up 210% from the previous trading day. Call options account for 75% of overall option trades. Particularly high volume was seen for the $195 strike call option expiring June 28, with 112,230 contracts trading. $AMZN 20240628 195.0 CALL$

$Faraday Future(FFIE)$ stock surged 73% on Wednesday. There are 285.45K Faraday Future option contracts traded. Call options account for 78% of overall option trades. Particularly high volume was seen for the $0.5 strike call option expiring June 28, with 81,447 contracts trading. $FFIE 20240628 0.5 CALL$

The catalyst for the big move may have been some comments that Faraday Future founder YT Jia made on social media site X about Volkswagen's investment and partnership in Rivian Automotive.

"This investment in Rivian further underscores the immense potential of the American AI EV market and its leading edge in technology and products. This attracted global giants and was a key reason I chose to start FF in the US. We will continue to strive to unleash FF's enormous potential and limitless possibilities as soon as possible."

$Tesla(TSLA)$ stock jumped 5% on Wednesday. There are 2.80 million Tesla option contracts traded. Call options account for 66% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring June 28, with 318,851 contracts trading. The $200 strike call option expiring this Friday surged 432% on Wednesday. $TSLA 20240628 200.0 CALL$

Unusual Options Activity

Source: Market Chameleon

$Rivian(RIVN)$ shares surged 23% on Wednesday. There are 1.53 million option contracts traded, 5.8 times higher than the 90-day average trading volume. Call options account for 60% of overall option trades. Particularly high volume was seen for the $16 strike call option expiring June 28, with 54,384 contracts trading. $RIVN 20240628 16.0 CALL$

Volkswagen and Rivian on Tuesday announced that the German automaker would invest as much as $5 billion in Rivian in the coming years after an initial $1 billion investment.

$Nvidia(NVDA)$ shares rose 0.25% on Wednesday. There are 4.65 million option contracts traded. Call options account for 61% of overall option trades. Particularly high volume was seen for the $130 strike call option expiring June 28, with 265,924 contracts trading. $NVDA 20240628 130.0 CALL$

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 -2,148,628 shares of Tesla stock. The largest bearish delta came from selling calls. The largest delta volume came from the 28-Jun-24 195 Call, with traders getting short 5,243,418 deltas on the single option contract. $TSLA 20240628 195.0 CALL$

Top 10 bullish stocks: $Faraday Future(FFIE)$, $US Steel(X)$, $Bank of America(BAC)$, $Marathon Digital(MARA)$, $Nvidia(NVDA)$, $Carnival(CCL)$, $GameStop(GME)$, $NexGen Energy(NXE)$, $FedEx(FDX)$, $Walgreens Boots Alliance(WBA)$

Source: Market Chameleon

Top 10 bearish stocks: $Amazon(AMZN)$, $Apple(AAPL)$, $Tesla(TSLA)$, $Palantir(PLTR)$, $BlackBerry(BB)$, $Alphabet(GOOGL)$, $Advanced Micro Devices(AMD)$, $PDD Holdings(PDD)$, $Cleveland-Cliffs(CLF)$; $Nu Holdings(NU)$

Source: Market Chameleon

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