Option Movers｜Tesla's Volume Surges 106% As the Stock Fell 8.4%; SoundHound Sees 88% Call Ratio
Market Overview
The Nasdaq ended sharply lower on Thursday(Jul 11), hit by losses in Nvidia, Apple and Tesla as investors rotated into smaller companies after softer-than-expected inflation data fed bets the Federal Reserve will cut interest rates in September.
Regarding the options market, a total volume of 57,172,332 contracts was traded, up 41% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMD(AMD)$, $AMZN(AMZN)$, $Palantir Technologies Inc.(PLTR)$; $Meta Platforms, Inc.(META)$; $Intel(INTC)$ , $Microsoft(MSFT)$ , $American Airlines(AAL)$
Source: Tiger Trade App
$Tesla Motors(TSLA)$ snapped its 11-session winning streak as the stock fell 8.4%. A report from Bloomberg said the electric-vehicle maker was delaying its plannedrobotaxi unveilingto October from Aug. 8. Excitement surrounding the robotaxi event was, in part, why Tesla’s stock recently has rallied.
There are 4988.32K Tesla option contracts traded on Thursday, up 106% from the previous trading day. Call options account for 54% of overall option trades. Particularly high volume was seen for the $270 strike call option expiring July 12, with 178,499 contracts trading. $TSLA 20240712 270.0 CALL$
Unusual Options Activity
Source: Market Chameleon
$SoundHound AI Inc(SOUN)$ in-vehicle voice assistant with integrated ChatGPT capabilities is now live and in production across Stellantis (NYSE:STLA) vehicle brands in 11 European markets. U.S.-listed shares of the company rose 5.9% on Thursday trading after soaring 22% in previous trading day.
There are 298,038 SoundHound option contracts traded on Thursday, up 46% from the previous trading day. Call options account for 88% of overall option trades. Particularly high volume was seen for the $6 strike call option expiring July 19, with 56,471 contracts trading. $SOUN 20240719 6.0 CALL$
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 1,115,692 shares of Estee Lauder stock. The largest bullish delta came from selling puts. The largest delta volume came from the 16-Aug-24 145 Put, with traders getting long 802,000 deltas on the single option contract. $EL 20240816 145.0 PUT$
Source: Market Chameleon
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