Option Movers｜Tesla's April 26 $160 Put Drew 229K Contracts Trading; Boeing's Volume Surged 332%
Market Overview
Benchmark S&P 500 closed higher in choppy trading on Wednesday(April 24), as investors weighed an uptick in Treasury yields amid positive corporate results particularly from technology giants.
Regarding the options market, a total volume of 37,665,585 contracts was traded.
Top 10 Option Volumes
Top 10: $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $Meta Platforms, Inc.(META)$ , $Boeing(BA)$ , $AMD(AMD)$, $Ford(F)$ , $AMZN(AMZN)$, $Snap Inc(SNAP)$ , $Riot Platforms(RIOT)$
Source: Tiger Trade
$Tesla(TSLA)$ reported first-quarter adjusted earnings of 45 cents a share on revenue of $21.3 billion, missing analysts’ estimates that called for a profit of 49 cents a share on revenue of $22.2 billion. Net income in the quarter fell 55% from a year earlier to $1.1 billion, while revenue declined 9%. Operating profit margin in the period was 5.5%, below expectations of 6.6%. The stock, however, was rising 11% after the electric vehicle maker said it updated its “future vehicle lineup to accelerate the launch of new models,” including “more affordable models.”
There are 4028.3K Tesla option contracts traded on Wednesday, up 129% from the previous trading day. Put options account for 54% of overall option trades. Particularly high volume was seen for the $160 strike put option expiring April 26, with 229,042 contracts trading.$TSLA 20240426 160.0 PUT$
Unusual Options Activity
Source: Market Chameleon
$Boeing(BA)$ reported an adjusted loss in the first quarter of $1.13 a share, narrower than expectations that called for a loss of $1.63. Free cash flow at negative $2.9 billion also was better than expectations for negative $4.4 billion. Shares of the plane maker fell 3.2% after rising earlier in the session.
There are 572.01K Boeing option contracts traded on Wednesday, up 332% from the previous trading day. Put options account for 65% of overall option trades. Particularly high volume was seen for the $195 strike put option expiring May 17, with 47,019 contracts trading.$BA 20240517 195.0 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 1,242,643 shares of Ford stock. The largest bullish delta came from buying calls. The largest delta volume came from the 26-Apr-24 13.5 Call, with traders getting long 925,769 deltas on the single option contract.$F 20240426 13.5 CALL$
Top 10 bullish stocks: F, INTC, NVDA, UBER, BSX, PCG, META, GOOG, HBAN, CVS
Top 10 bearish stocks: BA, C, TSLA, AAPL, AMD, ACN, ORCL, NCLH, PFE, FCX
Source: Market Chameleon
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