Global stock indexes edged lower on Wednesday(Oct 30) as a disappointing forecast from $Advanced Micro Devices(AMD)$ weighed on chipmakers, while gold prices rose to a record high as uncertainty ahead of next week's U.S. presidential election drove safe-haven demand.
Regarding the options market, a total volume of 42,589,344 contracts was traded on Wednesday, up 12% from the previous trading day.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$; $SUPER MICRO COMPUTER INC(SMCI)$ ; $Tesla(TSLA)$; $AMD(AMD)$; $Alphabet(GOOGL)$ ; $SoFi Technologies(SOFI)$; $Trump Media & Technology(DJT)$ ; $Meta Platforms, Inc.(META)$ ; $Microsoft(MSFT)$ ; $Alphabet(GOOG)$
Source: Tiger Trade App
$SUPER MICRO COMPUTER INC(SMCI)$ plummeted 33% after Ernst & Young, the company's accountant, resigned, according to a securities filing. "We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee's representations and to be unwilling to be associated with the financial statements prepared by management, and after concluding we can no longer provide the Audit Services in accordance with applicable law or professional obligations," EY said in its resignation letter. Super Micro said it disagreed with EY's decision to resign.
A total number of 1.84M options related to SMCI was traded on Wednesday, five times higher from the previous trading day. Put options account for 53% of overall option trades. A particularly high trading volume was seen for the $30 strike put options expiring Nov 1, with 49,979 options contracts trading. $SMCI 20241101 30.0 PUT$
Unusual Options Activity
Source: Market Chameleon
Facebook owner $Meta Platforms, Inc.(META)$ beat analysts' estimates for third-quarter revenue and profit on Wednesday, but warned of "significant acceleration" in artificial intelligence-related infrastructure expenses. Meta shares were down 2.7% in after-hours trading.
A total number of 606.6K options related to Meta was traded on Wednesday, up 195% from the previous trading day. Call options account for 60% of overall option trades. A particularly high trading volume was seen for the $600 strike call options expiring Nov 1, with 16,826 options contracts trading. $META 20241101 600.0 CALL$
$Microsoft(MSFT)$ said on Wednesday it expects growth for its cloud business Azure to slow and capital expenditures to rise during the current quarter. Microsoft shares dipped 4% in after-market trading, giving up earlier gains.
A total number of 596.6K options related to Microsoft was traded on Wednesday, up 244% from the previous trading day. Call options account for 67% of overall option trades. A particularly high trading volume was seen for the $440 strike call options expiring Nov 1, with 18,945 options contracts trading. $MSFT 20241101 440.0 CALL$
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 -5,189,364 shares of SMCI stock. The largest bearish delta came from buying puts. The largest delta volume came from the 01-Nov-24 Put, with traders getting short 1,120,070 deltas on the single option contract.
Top 10 bullish stocks: MS, NVDA, AMZN, HPE, UBER, FSLR, C, FSLR, JPM, DELL, CMCSA
Top 10 bearish stocks: SMCI, KMI, GOOGL, AMD, GOOG, TSLA, NEE, CZR, F, INTC
Source: Market Chameleon
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