Option Movers｜Warner Bros's $28 Call Options Soar 150%; Carvana's Volume Surges 214%; Meta Shows Highest Bullish Sentiment

Wall Street's main indexes closed lower on Monday(Dec 8), with most S&P 500 industry sectors in the red, while Treasury yields gained as investors waited nervously for the Federal Reserve monetary policy update due in two days.

Regarding the options market, a total volume of 46,271,464 contracts was traded on Monday.

Top 10 Option Volumes

Source: Tiger Trade App

$Warner Bros. Discovery(WBD)$ climbed 4.4% after Paramount Skydance launched a hostile bid for the entertainment company. The development came just days after Warner Bros. struck an agreement with Netflix. $Paramount Global(PARA)$ jumped 9%, while $Netflix(NFLX)$ dropped 3.4%.

A total number of 444.04K options related to $Warner Bros. Discovery(WBD)$ were traded on Monday, of which call options accounted for 71%. Particularly high volume was seen for the $28 strike call option expiring Jan. 16, with 28,356 contracts trading. $WBD 20260116 28.0 CALL$

Unusual Options Activity

Source: Market Chameleon

Used-car retailer $Carvana(CVNA)$ climbed 12%, building materials provider CRH gained 5.9%, and HVAC and plumbing company Comfort Systems USA fell 1.2%. The three stocks will be joining the S&P 500 on Dec. 22, as part of the benchmark index's quarterly rebalancing, S&P Dow Jones Indices said Friday.

A total number of 228,206 options related to $Carvana(CVNA)$ were traded on Monday, up 214% from the previous trading day, of which call options accounted for 59%. Particularly high volume was seen for the $385 strike put option expiring Dec. 19, with 6,378 contracts trading. $CVNA 20251219 385.0 PUT$

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 398,177 shares of $Meta Platforms, Inc.(META)$ stock. The largest bullish delta came from buying calls. The largest delta volume came from the 23-Jan-26 675 Put, with traders getting long 231,973 deltas on the single option contract.

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