Option Movers｜SoFi's Trading Volume Surges 3 Times; Apple's Mar 8 $172.5 Call in Focus
Wall Street three major indexes all retreated more than 1% on Tuesday(Mar 5), with weakness in megacap growth companies such as Apple Inc and the chip sector weighing most on the Nasdaq ahead of this week's crop of economic data and remarks from Federal Reserve Chair Jerome Powell.
Regarding the options market, a total volume of 45,868,674 contracts was traded on Tuesday, up 4% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $S&P 500(.SPX)$ ; $TSLA(TSLA)$; $AAPL(AAPL)$; $NVDA(NVDA)$; $IWM(IWM)$; $SoFi Technologies Inc.(SOFI)$ ; $Cboe Volatility Index(VIX)$ ; $Advanced Micro Devices(AMD)$
Source: Tiger Trade App
SoFi Technologies declined 15.3% after the financial-technology company said it planned to offer $750 million of convertible senior notes due 2029 in a private offering.
A total number of 816.5K options related to SoFi was traded on Tuesday, 3 times higher than the previous trading day, of which 50% were put options. Particularly high volume was seen for the $6.5 strike put option expiring Mar 22, with 80,871 contracts trading.$SOFI 20240322 6.5 PUT$
Unusual Options Activity
Source: Market Chameleon
Apple fell 2.8% following research from Counterpoint Research that said the tech giant sold 24% fewer iPhones in China, the world’s second-largest economy, in the first six weeks of 2024 than a year earlier. Overall smartphone sales declined 7% in the period, though sales for rival company Huawei jumped 64%, the report said.
A total number of 1.72M options related to Apple was traded on Tuesday, up 10% from the previous trading day, of which 51% were call options. Particularly high volume was seen for the $172.50 strike call option expiring Mar 8, with 79,814 contracts trading.$AAPL 20240308 172.5 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 bought a net equivalent of 1,215,242 shares of intel stock. The largest bullish delta came from buying calls. The largest delta volume came from the 17-May-24 40 Call, with traders getting long 1,430,781 deltas on the single option contract.$INTC 20240517 40.0 CALL$
Top 10 bullish stocks: INTC, AMD, TGT, HD, PFE, BAC, NVDA, F, CSX, GOOGL
Top 10 bearish stocks: MSFT, TSLA, WMT, AMZN, AAL, AAPL, XOM, GE, WFC, IBM
Source: Market Chameleon
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