Options Market Statistics: Tesla Stock Skyrockets 15% on China's Approval of Driver-Assistance Service, Options Pop
$Tesla Motors(TSLA)$
Tesla's stock has continued its recent upward trend, rising over 15% on Monday, following the approval from Beijing for the company to introduce its most advanced driver-assistance features in China. This move will allow Tesla to offer its "Full Self-Driving" system in the country, which could lead to increased demand for Tesla cars. It also demonstrates the company's ability to navigate complex government regulations and shows increasing confidence in its self-driving technology. The recent surge in Tesla's stock price is also attributed to plans to develop a lower-priced vehicle.
$SoFi Technologies Inc.(SOFI)$ shares fell by 10.42%, closing at $7.05. Its options trading volume was 0.74 million. Call contracts account for 76.6% of the total trading volume. The most traded calls are contracts of $8 strike price that expire on May 3rd. The total volume reaches 71,612 with an open interest of 44,814. The most traded puts are contracts of a $7 strike price that expires on May 3rd; the volume is 35,024 contracts with an open interest of 14,430.
Shares of SoFi Technologies fell on Monday after the fintech firm gave lower-than-expected guidance for the current quarter and called 2024 a "transitional year." The company expects to rely more on profits from its Tech and Financial Services platforms and less on lending. Although SoFi reported solid Q1 results, including its second straight quarterly profit and higher full-year outlook, the weak guidance for Q2 overshadowed the positive news. SoFi explained that the Tech and Financial Services platforms would drive growth, while Lending revenue will be 92% to 95% of last year's total.
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