Option Movers | Tesla's Volume Jumps 53%; Amazon Sees 78% Call Options
Market Overview
Wall Street's main stock indexes closed higher on Tuesday (July 2), boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July Fourth holiday and the closely watched release of June nonfarm payrolls on Friday.
Regarding the options market, a total volume of 36,995,344 contracts was traded, down 3% from the previous trading day.
Top 10 Option Volumes
Top 10: $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $AMD(AMD)$, $NKE(NKE)$, $RIVN(RIVN)$, $PLTR(PLTR)$, $MARA(MARA)$, $META(META)$
Source: Tiger Trade App
$Amazon(AMZN)$ shares hit an all-time high on Tuesday, adding to a recent breakout to trade above 200. Earlier in the day, Mizuho analyst said the tech giant's cloud business is near an AI "inflection point." On Friday, Amazon CEO Jassy will celebrate the third Anniversary of his ascension to the top jop.
There are 860.05K Amazon option contracts traded on Tuesday, up 30% from the previous trading day. Call options account for 78% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring July 5, with 146,074 contracts trading. AMZN 20240705 200.0 CALL
Source: Market Chameleon
$Rivian(RIVN)$ shares rallied almost 7% on Tuesday, after the electric-vehicle maker reported quarterly deliveries data that beat expectations by a record margin.
The California-based company said it delivered 13,790 vehicles during the second quarter, up 9.1% from the same period a year earlier. That beat the FactSet deliveries consensus of 12,000 EVs. The margin of the beat — 14.9% — was the most since the data was reported, according to FactSet data.
There are 335.62K Rivian option contracts traded on Tuesday, up 2% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $15 strike call option expiring July 5, with 43,509 contracts trading. RIVN 20240705 15.0 CALL
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
$Tesla(TSLA)$ shares jumped more than 10% on Tuesday after the electric vehicle giant reported quarterly vehicle deliveries that beat Wall Street expectations.
The EV maker delivered 443,956 vehicles during the second quarter, versus an analyst consensus estimate of 439,302, per Bloomberg data.
There are 4.22 million Tesla option contracts traded on Tuesday, up 53% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the $230 strike call option expiring July 5, with 311,933 contracts trading. TSLA 20240705 230.0 CALL
Source: Market Chameleon
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 sold a net equivalent of -6,537,460 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 05-Jul-24 220 Call, with traders getting short 4,829,232 deltas on the single option contract. AAPL 20240705 220.0 CALL
Top 10 bullish stocks: $ABEV(ABEV)$, $CORZ(CORZ)$, $MARA(MARA)$, $MPW(MPW)$, $GME(GME)$, $COIN(COIN)$, $BAX(BAX)$, $F(F)$, $AMC(AMC)$, $SMCI(SMCI)$
Source: Market Chameleon
Top 10 bearish stocks: $AAPL(AAPL)$, $AMZN(AMZN)$, $AMD(AMD)$, $SIRI(SIRI)$; $AGNC(AGNC)$, $CPNG(CPNG)$, $CHPT(CHPT)$, $MAXN(MAXN)$, $NIO(NIO)$, $PFE(PFE)$
Source: Market Chameleon
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$(TSLA)$ $(RIVN)$ $(AMZN)$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.
