To The Moon

The Dow Jones Industrial Average ended higher on Wednesday(May 8), stretching its winning streak to six straight sessions and closing above 39,000 points for the first time in five weeks, as investors kept betting on supportive U.S. monetary policy.

Regarding the options market, a total volume of 35,786,728 contracts was traded.

Top 10 Option Volumes

Top 10: $TSLA(TSLA)$; $Pfizer(PFE)$ ; $NVDA(NVDA)$; $Intel(INTC)$ ; $AAPL(AAPL)$; $Palantir Technologies Inc.(PLTR)$ ; $Uber(UBER)$ ; $Wells Fargo(WFC)$ ; $American Electric $Power(PW)$(AEP)$ ; $Shopify(SHOP)$

Source: Tiger Trade App

$Pfizer(PFE)$ Inc. has agreed to settle more than 10,000 cases accusing it of hiding the cancer risks of its Zantac heartburn drug, according to people familiar with the deal, the biggest of the litigation. The deal is likely to reassure investors, who have seen other Zantac makers, including GSK Plc and Sanofi, sign settlements. Concerns about the drugmakers’ exposure to Zantac suits helped wipe out about $45 billion in combined market value in the summer of 2022. The shares have since recovered and have risen on news of the earlier deals. Pfizer shares were up 1.8% on Wednesday trading.

A total number of 1287.98K options related to PFE shares was traded, 6 times higher from the previous trading day, of which call options accounted for 97%. A particularly high trading volume was seen for the $27 strike call option expiring May 10, with a total number of 260,356 options contracts trading on Wednesday.$PFE 20240510 27.0 CALL$ 

Unusual Options Activity

Source: Tiger Trade App

$Uber(UBER)$ Technologies fell 5.7% after the ride-hailing giant swung to a loss of $654 million in the first quarter. The period included a charge of $721 million “related to the revaluation of Uber’s equity investments,” the company said. Gross bookings grew 20% from the prior year to $37.7 billion, below expectations of $37.93 billion.

A total number of 436.5K options related to UBER shares was traded, 91% up from the previous trading day, of which call options accounted for 50%. A particularly high trading volume was seen for the $65 strike put option expiring May 10, with a total number of 17,169 options contracts trading on Wednesday.$UBER 20240510 65.0 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 12,798,950 shares of Pfizer stock. The largest bullish delta came from buying calls. The largest delta volume came from the 17-May-24 27 Call, with traders getting long 12,176,425 deltas on the single option contract.$PFE 20240517 27.0 CALL$ 

Top 10 bullish stocks: PFE, AIG, WFC, IBM, NVDA, WBD, NEE, CSCO, QCOM, KVUE

Top 10 bearish stocks: AEP, TFC, AAPL, C, INTC, TSLA, AAL, GOOGL, SBUX, AMZN

Source: Tiger Trade App

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