Option Movers | Tesla $230 Call Triples; Snap Shows Highest Bullish Sentiment
The S&P 500 closed barely higher after Monday's (July 29) choppy trading session as investors held their breath ahead of a raft of big technology company earnings, a Federal Reserve policy decision on interest-rate cuts and key US labor data, all due this week.
Regarding the options market, a total volume of 34,071,177 contracts was traded on Monday.
Top 10 Option Volumes
Top 10:$NVDA(NVDA)$; $TSLA(TSLA)$; $SOFI(SOFI)$; $AAPL(AAPL)$; $AMD(AMD)$; $PFE(PFE)$; $F(F)$; $PYPL(PYPL)$; $MARA(MARA)$; $AMZN(AMZN)$
Source: Tiger Trade App
$Tesla(TSLA)$ shares gained 5.6% on Friday. Morgan Stanley automotive analyst Adam Jonas thinks Tesla's efforts to cut costs has trimmed some of the risk away from the electric vehicle stock.
As a result, Jonas listed Tesla as a top pick in the firm's U.S. Autos segment, which was previously occupied by Ford. Jonas maintained an overweight rating on Tesla stock with a $310 price target.
A total number of 1.86 million options related to $Tesla(TSLA)$ was traded, of which 57% were call options. A particularly high trading volume was seen for the $230 strike call option expiring this Friday, with a total number of 112,266 options contracts trading as of Monday. This contract is more than tripled on Monday.
Source: Tiger Trade App
Unusual Options Activity
Source: Market Chameleon
$McDonald's Corporation(MCD)$ traded 3.7% higher on Monday, despite reporting negative global comparable sales growth for Q2 and warning that consumers have become more discretionary, especially on the lower end of the income scale.
Despite the gloomy update on consumer spending trends, McDonald's (MCD) maintained all elements of the 2024 outlook.
During the earnings conference call, McDonald's (MCD) executives were positive about the response to the $5 Meal deal, which it said was producing sales above expectations. The company noted 93% of its restaurants have committed to extending the $5 Meal Deal.
A total number of 139,316 options related to $McDonald's Corporation(MCD)$ was traded. A particularly high trading volume was seen for the $280 strike call option expiring August 16, with a total number of 22,255 options contracts trading as of Monday.
$Onsemi(ON)$ marginally beat Wall Street expectations for second-quarter revenue and profit on Monday, helped by resilient demand for its automotive chips in an uncertain market, sending its shares up 11.5% on Monday.
A total number of 139,316 options related to $Onsemi(ON)$ was traded, 4.4 times higher than the 90-day average trading volume.
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.
Top 10 bullish stocks: $SNAP(SNAP)$; $PFE(PFE)$; $AMD(AMD)$; $INTC(INTC)$; $QS(QS)$; $C(C)$; $WULF(WULF)$; $IREN(IREN)$; $BLNK(BLNK)$
Top 10 bearish stocks: $NVDA(NVDA)$; $TLRY(TLRY)$; $AAL(AAL)$; $SOFI(SOFI)$; $SIRI(SIRI)$; $BMY(BMY)$; $OWL(OWL)$; $SNDL(SNDL)$; $WBA(WBA)$; $COIN(COIN)$
Source: Market Chameleon
$Snap(SNAP)$ showed the highest bullish sentiment. Based on option delta volume, traders bought a net equivalent of 764,418 shares of Snap stock. The largest bullish delta came from buying calls.
The largest delta volume came from the 16-Aug-24 16 Call, with traders getting long 621,704 deltas on the single option contract.
Source: Market Chameleon
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$(TSLA)$ $(SNAP)$ $(MCD)$ $(ON)$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.
- AuntieAaA·2024-07-31GOODLikeReport