Option Movers｜Intel Sees 80% Call Options; Nvidia Shows Bullish Delta From Buying Calls
Market Overview
The S&P 500 and Nasdaq notched record-high closes on Monday(Jul 8) as investors awaited fresh inflation data, commentary from Federal Reserve Chair Jerome Powell and the start of quarterly earnings season.
Regarding the options market, a total volume of 36,985,661 contracts was traded, down 16% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMD(AMD)$, $Palantir Technologies Inc.(PLTR)$; $AMZN(AMZN)$, $Intel(INTC)$ , $Meta Platforms, Inc.(META)$, $Nike(NKE)$ , $AMC Entertainment(AMC)$
Source: Tiger Trade App
$Intel(INTC)$ - Shares of Intel jumped 6.2% to $33.99. The stock has risen six out of the past seven sessions. An analyst at Melius Research said Intel, as well as Apple and AMD, could shine in the second half of the year as investors rotate into tech names that have yet to see large bounces from the attention around artificial intelligence.
There are 609.67K Intel option contracts traded on Monday, up 40% from the previous trading day. Call options account for 80% of overall option trades. Particularly high volume was seen for the $34 strike call option expiring July 12, with 40,657 contracts trading. $INTC 20240712 34.0 CALL$
Unusual Options Activity
Source: Market Chameleon
$Paramount Global(PARA)$ shares dropped 5% on Monday trading as investors digested the terms of the new deal, which includes Skydance first acquiring NAI (and Redstone's stake) for $2.4 billion in cash before completing a full merger. The deal, set to close in the first half of 2025, is still subject to regulatory approval. It is widely expected that Skydance will look to offload non-core assets of the company, like BET, following the merger's completion.
There are 127,181 Paramount option contracts traded on Monday, up 16% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $12.5 strike call option expiring Jan 17 2025, with 10,124 contracts trading. $PARA 20250117 12.5 CALL$
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 bought a net equivalent of 3,576,980 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 12-Jul-24 128 Call, with traders getting long 3,618,472 deltas on the single option contract. $NVDA 20240712 128.0 CALL$
Source: Market Chameleon
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