Option Movers｜Apple's Volume Surges 75%; AMD Sees 74% Call Options
Market Overview
The Nasdaq and S&P 500 rallied to record high closes on Wednesday(Jul 10), fueled by gains in Nvidia and other Wall Street heavyweights ahead of inflation data and quarterly earnings reports due this week. The S&P 500 closed above 5,600 for the first time.
Regarding the options market, a total volume of 40,634,004 contracts was traded, up 7% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMD(AMD)$, $AMZN(AMZN)$, $Palantir Technologies Inc.(PLTR)$; $GameStop(GME)$ , $Intel(INTC)$ , $Microsoft(MSFT)$ , $Meta Platforms, Inc.(META)$
Source: Tiger Trade App
$Apple(AAPL)$ was up 1.9% to $232.98. Needham analystsraised their price target on Apple stockto $260 from $220 and reiterated a Buy rating on the shares. In addition, a report from Bloomberg, citing people familiar with the matter, said Apple was aiming to ship at least 90 million iPhone 16 devices in the latter half of 2024, hoping its artificial-intelligence strategy will drive demand. The tech giant closed Tuesday with a market capitalization of $3.507 trillion, making the company the first to close with a market value of $3.5 trillion or more.
There are 1651.24K Apple option contracts traded on Wednesday, up 75% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $235 strike call option expiring July 12, with 177,525 contracts trading. $AAPL 20240712 235.0 CALL$
Unusual Options Activity
Source: Market Chameleon
$Advanced Micro Devices(AMD)$ rose 3.9% after the chip company announced it was acquiring Silo AI, the largest private artificial-intelligence lab in Europe, in an all-cash transaction valued at about $665 million.
There are 1642.29K AMD option contracts traded on Wednesday, up 159% from the previous trading day. Call options account for 74% of overall option trades. Particularly high volume was seen for the $185 strike call option expiring July 12, with 173,324 contracts trading. $AMD 20240712 185.0 CALL$
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 bought a net equivalent of 2,190,400 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 12-Jul-24 135 Call, with traders getting short 2,438,617 deltas on the single option contract. $NVDA 20240712 135.0 CALL$
Source: Market Chameleon
If you are interested in options and you want to:
Share experiences and ideas on options trading.
Read options-related market updates/insights.
Learn more about options trading if you are a beginner in this field.
Please click to join Tiger Options Club
$(AAPL)$ $(AMD)$ $(NVDA)$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.
