To The Moon

Options Market Statistics: Rivian Stock Soars, Options Pop on $5 Billion Volkswagen Joint Venture

$Rivian Automotive, Inc.(RIVN)$   shares ended 23.24% higher. Its options trading volume was 1.10 million. Call contracts account for 60.2% of the total trading volume. The $11 calls expiring June 28 were traded most actively.

Rivian stock surged on Wednesday following the announcement of a joint venture deal with $Volkswagen AG(VWAGY)$  , which crucially brings fresh capital into Rivian's coffers.

Volkswagen revealed plans to collaborate with Rivian to develop "next generation software-defined vehicle (SDV) architectures" for use in both companies' future EVs. The joint venture will leverage Rivian's "zonal hardware design" and platform as the foundation for future vehicles, along with Rivian's expertise in electrical architecture. Additionally, Rivian will license its existing IP rights to the joint venture.

$Micron Technology(MU)$   shares ended 0.88% higher. Its options trading volume was 0.66 million. Call contracts account for 66.2% of the total trading volume. The $215 calls expiring June 28 were traded most actively.

Micron Technology exceeded third-quarter revenue estimates on Wednesday, driven by strong demand for its memory chips. However, its current-quarter forecast disappointed investors who were optimistic about the chipmaker's performance amid the AI boom. Shares of the Idaho-based company dropped 7.2% in extended trading after it projected fourth-quarter revenue to be largely in line with expectations. The stock had risen 13% this month, ahead of earnings, due to investor optimism that Micron would benefit from AI-driven demand.

The price move after hours is largely due to a weaker forecast than expected, said Ben Bajarin, analyst at Creative Strategies.

$Faraday Future Intelligent Electric Inc.(FFIE)$   shares ended 73.02% higher. Its options trading volume was 0.29 million. Call contracts account for 78.1% of the total trading volume. The $0.5 calls expiring June 28 were traded most actively.

Faraday Future Intelligent Electric Inc., a California-based global shared intelligent electric mobility ecosystem company, today announced that its Board of Directors has approved a proposal, among other proposals, to be submitted to stockholders for approval at the upcoming annual meeting of stockholders, to authorize the Board to effect a reverse stock split of the Company's common stock. The reverse stock split proposal includes a proposed range between 1-for-2 and 1-for-40 shares of outstanding Common Stock, and a corresponding reduction in the total number of shares of Common Stock the Company is authorized to issue. The final ratio will be determined by the Board after stockholder approval, with the option to abandon, delay or postpone the reverse stock split.

@TigerStars  @CaptainTiger  @TigerWire  @Daily_Discussion  @Tiger_chat  @Tiger_comments  @MillionaireTiger