Option Movers｜Tesla $215 Put Volume Surges As Stock Plunges 12%; Chipotle's Volume Surges 237%
The S&P 500 and Nasdaq ended at multi-week lows on Wednesday(July 24), with the S&P snapping one of its longest streaks without a daily decline of more than 2%, as lackluster Alphabet and Tesla earnings undermined investor confidence in megacap names.
Regarding the options market, a total volume of 49,837,577 contracts was traded, up 47% from the previous trading day.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Apple(AAPL)$, $AMD(AMD)$, $Amazon(AMZN)$, $Sirius XM(SIRI)$, $Palantir(PLTR)$, $Meta Platforms, Inc.(META)$ , $Taiwan Semiconductor Manufacturing(TSM)$ , $Microsoft(MSFT)$
Source: Tiger Trade App
$Tesla Motors(TSLA)$ declined 12% after the electric-vehicle maker reported second-quarter profit that missed analysts’ expectations but better-than-anticipated revenue. Adjusted earnings of 52 cents a share came up short of expectations of 61 cents and were down from 91 cents a share a year earlier. Tesla’s profit dropped for a second-straight quarter. The company’s operating profit margin in the period was 6.3%, below estimates of 8%.
There are 3.05M Tesla option contracts traded on Tuesday, up 107% from the previous trading day. Call options account for 51% of overall option trades. Particularly high volume was seen for the $215 strike put option expiring July 26, with 178,981 contracts trading. $TSLA 20240726 215.0 PUT$
Unusual Options Activity
Source: Market Chameleon
$Chipotle Mexican Grill(CMG)$ surpassed Wall Street estimates for quarterly sales and profit on Wednesday as demand for its rice bowls and burritos held up even as prices increased. Shares of the company were 4% higher after executives said Chipotle expects margins to be under pressure for the next couple of quarters.
There are 340,303 Chipotle option contracts traded on Tuesday, up 237% from the previous trading day. Call options account for 54% of overall option trades. Particularly high volume was seen for the $60 strike call option expiring July 26, with 10,603 contracts trading. $CMG 20240726 60.0 CALL$
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 1,742,376 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 26-Jul-24 118 Call, with traders getting long 981,543 deltas on the single option contract. $NVDA 20240726 118.0 CALL$
Source: Market Chameleon
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$(TSLA)$ $(NVDA)$ $(CMG)$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.
- KSR·07-25👍LikeReport