Option Movers | Palantir Call Option Skyrockets 432%; SMCI Shows Bullish Sentiment

Market Overview

Global stock indexes edged higher on Thursday, while U.S. Treasury yields declined slightly after a series of U.S. economic reports suggested ebbing momentum.

Traders were eager to see Friday's U.S. personal consumption expenditures (PCE) data, which is the Federal Reserve's preferred inflation measure and could help investors determine the U.S. interest rate outlook.

Regarding the options market, a total volume of 38,643,566 contracts was traded on Thursday (June 27).

Top 10 Option Volumes

Top 10: $Nvidia(NVDA)$, $Amazon(AMZN)$, $Tesla(TSLA)$, $Micron(MU)$, $Apple(AAPL)$, $Rivian(RIVN)$, $GameStop(GME)$, $Advanced Micro Devices(AMD)$, $Walgreens Boots Alliance(WBA)$, $Palantir(PLTR)$

Source: Tiger Trade App

$Palantir(PLTR)$ shares ended up 5% on Thursday.

There are 460.14K Palantir option contracts traded on Thursday, up 142% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $25 strike call option expiring June 28, with 47,502 contracts trading. The $25 strike call option expiring this Friday surged 443% on Thursday. $PLTR 20240628 25.0 CALL$

On Thursday, Palantir Technologies Inc. inked a pact with Voyager Space. Together, Voyager and Palantir will advance the space and defense technology sectors by integrating Palantir's AI tools across the Voyager enterprise.

$Walgreens Boots Alliance(WBA)$ shares closed more than 22% lower on Thursday after the company reported fiscal third-quarter earnings that fell short of expectations and slashed its full-year adjusted profit outlook, citing a “challenging” environment for pharmacies and U.S. consumers.

The retail pharmacy giant now expects fiscal 2024 adjusted earnings of $2.80 to $2.95 per share. That compares with the company’s previous outlook of between $3.20 and $3.35 per share.

There are 460.38K option contracts traded, 9.4 times higher than the 90-day average trading volume. Put options account for 51% of overall option trades. Particularly high volume was seen for the $17.5 strike put option expiring July 5, with 35,850 contracts trading. $WBA 20240705 17.5 PUT$

Unusual Options Activity

Source: Market Chameleon

$Chewy(CHWY)$ shares rallied as much as 34% to $39.10 on Thursday after meme stock leader Roaring Kitty posted a picture on social media platform X that resembles the logo of the online pet food retailer, but the gains were quickly erased later in the session, closing the day down 0.3%.

There are 338.47K Chewy option contracts traded on Thursday. Call options account for 70% of overall option trades. Particularly high volume was seen for the $45 strike call option expiring June 28, with 29,272 contracts trading. $CHWY 20240628 45.0 CALL$

$Nike(NKE)$ stock fell as much as 12% Thursday in after-hours trading after the retailer said it expects revenue to decline more than previously thought in the coming year.

The company said it expects revenue to fall mid-single digits in 2025, including an expected 10% decline in the first quarter. Nike had initially guided for overall sales growth in 2025.

There are 401.50K Nike option contracts traded on Thursday. Call options account for 55% of overall option trades. Particularly high volume was seen for the $88 strike put option expiring June 28, with 12,409 contracts trading. $NKE 20240628 88.0 PUT$

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 894,730 shares of SMCI stock. The largest bullish delta came from buying calls. The largest delta volume came from the 28-Jun-24 850 Call, with traders getting long 151,263 deltas on the single option contract. $SMCI 20240628 850.0 CALL$

Top 10 bullish stocks: $Faraday Future(FFIE)$, $Hims & Hers(HIMS)$, $GameStop(GME)$, $Ginkgo Bioworks(DNA)$, $Super Micro Computer(SMCI)$, $Estee Lauder(EL)$, $Chewy(CHWY)$, $International Paper(IP)$, $Petrobras(PBR)$, $Carnival(CCL)$

Top 10 bearish stocks: $Nvidia(NVDA)$, $Apple(AAPL)$, $Amazon(AMZN)$, $Intel(INTC)$, $Walgreens Boots Alliance(WBA)$, $Tesla(TSLA)$, $BlackBerry(BB)$, $Nu Holdings(NU)$, $Denison Mines(DNN)$; $Rivian(RIVN)$

If you are interested in options and you want to:

• Share experiences and ideas on options trading.

• Read options-related market updates/insights.

• Learn more about options trading if you are a beginner in this field.

Please click to join Tiger Options Club