Option Movers｜Carnival Sees 73% Call Options; Traders Bet GameStop to $12.5 after Stock Price Tumbling 15%
Market Overview
U.S. stocks were higher on Wednesday(Mar 27), with the Dow leading gains and the S&P 500 setting a closing record, paced drugmaker Merck, while investors looked towards the next piece of inflation data and Federal Reserve commentary for signals on the rate path.
Regarding the options market, a total volume of 35,330,095 contracts was traded, up 8% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$, $QQQ(QQQ)$, $S&P 500(.SPX)$ , $NVDA(NVDA)$, $TSLA(TSLA)$, $IWM(IWM)$, $AAPL(AAPL)$, $AMD(AMD)$, $Carnival(CCL)$ , $Cboe Volatility Index(VIX)$
Source: Tiger Trade App
$Carnival(CCL)$ Shares added 1%, reversing earlier losses after the cruise operator reported first-quarter revenue of $5.41 billion, below the $5.43 billion expected from analysts polled by LSEG, formerly known as Refinitiv. However, Carnival reported an adjusted loss per share of 14 cents, better than the 18 cent loss analysts had expected. Full-year guidance was in line with estimates.
There are 513.7K Carnival option contracts traded on Wednesday, up 51% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $17 strike call option expiring March 28, with 54,232 contracts trading. $CCL 20240328 17.0 CALL$
Unusual Options Activity
Source: Market Chameleon
GameStop shed 15% after the video game retailer reported lower fourth-quarter revenue from a year ago. The company also said it axed an unspecified number of roles to trim costs.
There are 277,046 GME option contracts traded on Wednesday, up 11% from the previous trading day. Call options account for 55% of overall option trades. Particularly high volume was seen for the $12.5 strike put option expiring March 28, with 14,213 contracts trading. $GME 20240328 12.5 PUT$
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 1,060,468 shares of Carnival stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Jul-24 21 Put, with traders getting long 361,100 deltas on the single option contract.$CCL 20240719 21.0 PUT$
Top 10 bullish stocks: CCL, KVUE, BA, DAL, T, GE, JPM, MS, CAT, CVS
Top 10 bearish stocks: AAPL, NVDA, TSLA, C, PFE, GOOGL, AMZN, AMD, WMT, MSFT
Source: Market Chameleon
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$(GME)$ $(CCL)$Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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