Option Movers｜$250 Will Be Tesla's Key Point This Week; Verizon's Volume Surges 91% After Earnings
Wall Street's three benchmarks ended higher on Monday(July 22) as investors returned to megacap growth stocks, helping both the S&P 500 and Nasdaq Composite recover from their worst weekly performance since April.
Regarding the options market, a total volume of 38,867,889 contracts was traded.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Apple(AAPL)$, $CrowdStrike Holdings, Inc.(CRWD)$ , $Amazon(AMZN)$, $AMD(AMD)$, $AMC Entertainment(AMC)$, $Palantir(PLTR)$, $GameStop(GME)$ , $Marathon Digital Holdings Inc(MARA)$
Source: Tiger Trade App
$Tesla Motors(TSLA)$ was 5.2% higher. The company is scheduled to report its second-quarter earnings on Tuesday after the stock market closes. Wall Street expects earnings of 61 cents a share from the electric-vehicle maker, which reported better-than-expected second-quarter deliveries in early July.
There are 1.06M Tesla option contracts traded on Monday. Call options account for 63% of overall option trades. Particularly high volume was seen for the $250 strike call option expiring July 26, with 46,732 contracts trading. $TSLA 20240726 250.0 CALL$
Unusual Options Activity
Source: Market Chameleon
$Verizon(VZ)$ added 148,000 net retail postpaid phone subscribers in the second quarter, higher than analysts’ estimates. Adjusted earnings in the period of $1.15 a share matched Wall Street predictions but declined from $1.21 a year earlier. Verizon shares, fell 6% as operating revenue missed estimates. Revenue from wireless equipment declined as customers put off upgrading their devices.
There are 180,667 Verizon option contracts traded on Monday, up 91% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $39 strike put option expiring July 26, with 12,012 contracts trading. $VZ 20240726 39.0 PUT$
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 4,800,368 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 26-Jul-24 123 Call, with traders getting long 2,293,848 deltas on the single option contract. $NVDA 20240726 123.0 CALL$
Source: Market Chameleon
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