Option Movers | NIO's Volume Surges 118%; JPMorgan Sees 93% Call Options
Market Overview
The S&P 500 index and technology-laden Nasdaq rose on Wednesday (July 3) to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September. The Dow Jones Industrial Average closed slightly lower, pressured by selling in healthcare and consumer stocks during a shortened trading session ahead of the Fourth of July. The market will stay closed on Thursday for U.S. Independence Day, keeping trading volumes thin throughout the week.
Regarding the options market, a total volume of 31,146,155 contracts was traded, down 16% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $AMD(AMD)$, $NKE(NKE)$, $RIVN(RIVN)$, $SIRI(SIRI)$, $NIO(NIO)$, $JPM(JPM)$
Source: Tiger Trade App
$Nvidia(NVDA)$ stock reversed course Wednesday, ending up 4.6% at $128.28 after starting in the red. The stock has climbed 159% this year.
There are 4.27 million Nvidia option contracts traded on Wednesday, up 33% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $125 strike call option expiring July 5, with 231,776 contracts trading. NVDA 20240705 125.0 CALL
$Tesla(TSLA)$ shares jumped 6.5% on Wednesday, trading near a six-month high after rising more than 10% on Tuesday following a smaller-than-expected drop in second-quarter vehicle deliveries.
There are 4.12 million Tesla option contracts traded on Wednesday, down 3% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $250 strike call option expiring July 5, with 248,048 contracts trading. TSLA 20240705 250.0 CALL
$NIO(NIO)$ stock jumped another 7.5% on record Q2 deliveries. Otherwise, EU member countries were divided on whether to back additional tariffs on Chinese-built electric vehicles. The shares has soared 17% this week.
There are 232.6K NIO option contracts traded on Wednesday, up 118% from the previous trading day. Call options account for 78% of overall option trades. Particularly high volume was seen for the $5 strike call option expiring July 5, with 32,012 contracts trading. NIO 20240705 5.0 CALL
Unusual Options Activity
Source: Market Chameleon
$JPMorgan Chase(JPM)$ dividend will be payable on July 21, 2024, to stockholders of record on July 5, 2024, with an ex-dividend date of July 3, 2024. JPMorgan stock hit all-time high this week after boosting buybacks and dividends.
There are 228.5K JPMorgan option contracts traded on Wednesday, up 156% from the previous trading day. Call options account for 93% of overall option trades. Particularly high volume was seen for the $190 strike call option expiring July 19, with 21,165 contracts trading. JPM 20240719 190.0 CALL
$Paramount Global(PARA)$ shares rose almost 7% on Wednesday after Shari Redstone's National Amusements reached a preliminary deal to sell its controlling interest in the media giant to David Ellison's Skydance Media.
There are 206.2K Paramount option contracts traded on Wednesday, up 265% from the previous trading day. Call options account for 78% of overall option trades. Particularly high volume was seen for the $12 strike call option expiring August 16, with 24,161 contracts trading. PARA 20240816 12.0 CALL
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 -6,294,185 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 4,312,681 deltas on the single option contract. AAPL 20240705 220.0 CALL
Top 10 bullish stocks: $NVDA(NVDA)$, $TSLA(TSLA)$, $RIVN(RIVN)$, $PDD(PDD)$, $JPM(JPM)$, $MU(MU)$, $TSM(TSM)$, $LCID(LCID)$, $EL(EL)$, $NYCB(NYCB)$
Source: Market Chameleon
Top 10 bearish stocks: $AAPL(AAPL)$, $AMZN(AMZN)$, $CHPT(CHPT)$, $AMD(AMD)$, $MARA(MARA)$, $JD(JD)$, $GOOG(GOOG)$, $NIO(NIO)$, $NKE(NKE)$; $ACHR(ACHR)$
Source: Market Chameleon
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$(TSLA)$ $(NVDA)$ $(NIO)$ $(JPM)$ $(PARA)$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.
