Option Movers | AMD's Trading Volume Surges As Market Value Tops $300 Bln; C3.ai Shows 72% Call Ratio
The S&P 500 and Nasdaq closed at record highs and the global equity index advanced on Thursday (Feb. 29th) after a much anticipated U.S. inflation reading provided little surprise for relieved investors and helped push U.S. Treasury yields lower.
Regarding the options market, a total volume of 43,533,020 contracts was traded on Thursday.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $AMD(AMD)$; $TSLA(TSLA)$; $BITO(BITO)$; $NVDA(NVDA)$; $AAPL(AAPL)$; $IWM(IWM)$; $MARA(MARA)$; $SNOW(SNOW)$
Source: Tiger Trade App
AMD's stock rose 9.1% on Thursday, a climb that resulted in the company’s market capitalization closing above $300 billion for the first time.
Source: Tiger Trade App
Earlier Thursday, Citigroup Inc. wrote that it remains “wildly bullish on semis,” especially as “the AI market continues to grow” with all kinds of businesses and organizations all buying AI chips. The firm singled out AMD as one of the stocks it favors, along with Nvidia Corp. and Broadcom Inc.
A total number of 1.92 million options related to AMD shares was traded, 2.7 times higher than the 90-day average volume. A particularly high open interest was seen for the $190 strike call option expiring this Friday, with a total number of 130,940 options contracts trading as of Thursday.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
Software firm $C3.ai(AI)$ rallied 24.5% after posting better-than-expected quarterly results and narrowed its full-year revenue forecast range which was still ahead of Wall Street estimates.
The company now sees 2024 revenue between $306 million and $310 million, above analysts' estimates of $306.1 million, as per LSEG data. C3.ai had previously forecast $295 million to $320 million.
A total number of 476,626 options related to C3.ai was traded on Wednesday, 5.6 times higher than the 90-day average volume. Among the total options trading volume, 72% were call options. A particularly high open interest was seen for the $40 strike call option expiring this Friday, with a total number of 32,102 options contracts as of Thursday.
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.
Top 10 bullish stocks: $AMD(AMD)$; $SOUN(SOUN)$; $PLUG(PLUG)$; $SIRI(SIRI)$; $NVDA(NVDA)$; $CELH(CELH)$; $YMM(YMM)$; $CLSK(CLSK)$; $PLTR(PLTR)$; $CCL(CCL)$
Top 10 bearish stocks: $AAPL(AAPL)$; $AMZN(AMZN)$; $GM(GM)$; $MARA(MARA)$; $BA(BA)$; $ITUB(ITUB)$; $MU(MU)$; $BAC(BAC)$; $AA(AA)$; $GOOGL(GOOGL)$
Source: Market Chameleon
Based on option delta volume, traders bought a net equivalent of 2,806,408 shares of $AMD(AMD)$ stock. The largest bearish delta came from selling calls.
The largest delta volume came from the 01-Mar-24 185 Put, with traders getting long 1,026,948 deltas on the single option contract.
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