Option Movers | Nvidia Call Option Soars 244%; Traders Bet MicroStrategy to Reach $155 This Week
Market Overview
U.S. indexes closed up on Tuesday (Aug. 13) and hit a near two-week high after softer producer prices data reinforced bets of an interest-rate cut by the Federal Reserve in September.
Regarding the options market, a total volume of 39,327,456 contracts was traded.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Starbucks(SBUX)$, $Apple(AAPL)$, $Amazon(AMZN)$, $Chipotle Mexican Grill(CMG)$, $Palantir(PLTR)$, $Intel(INTC)$, $AMD(AMD)$, $Meta(META)$
$Nvidia(NVDA)$ shares gained 6.5% on Tuesday. The chipmaker’s shares have surged 17% in the past four sessions, adding nearly $424 billion in market value to one of the biggest companies in the world.
“There was a lot of positive news for Nvidia out of the hyperscalers this earning season, but the carry trade impact was so massive it didn’t matter,” said Ivana Delevska, founder and chief investment officer of Spear Invest. “Now that that technical pressure has abated, there’s been a return to the fundamental story, and that’s why we’re seeing this spike.”
There are 3.84M Nvidia option contracts traded on Tuesday. Call options account for 57% of overall option trades. Particularly high volume was seen for the $115 strike call option expiring August 16, with 158,090 contracts trading. The $115 strike call option expiring this Friday surged 244% on Tuesday. $NVDA 20240816 115.0 CALL$
$Starbucks(SBUX)$ shares up 25% on Tuesday, Chipotle Mexican Grill fell 8%.
Starbucks announced the appointment of Brian Niccol, CEO and Chairman of Chipotle Mexican Grill, as Starbucks' new Chairman and Chief Executive Officer.
There are 851.36K Starbucks option contracts traded on Tuesday. Put options account for 55% of overall option trades. Particularly high volume was seen for the $90 strike put option expiring August 16, with 98,924 contracts trading. $SBUX 20240816 90.0 PUT$
Unusual Options Activity
$MicroStrategy(MSTR)$ shares up 3% on Tuesday. Most major digital assets rose Tuesday, with bitcoin (BTC-USD) bouncing back above the $60,000 level.
There are 174,597 Sea option contracts traded on Tuesday. Call options account for 58% of overall option trades. Particularly high volume was seen for the $155 strike call option expiring August 16, with 31,032 contracts trading. $MSTR 20240816 155.0 CALL$
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 580,097 shares of $Taiwan Semiconductor Manufacturing(TSM)$ stock. The largest bullish delta came from buying calls. The largest delta volume came from the 13-Sep-24 170 Call, with traders getting long 400,554 deltas on the single option contract. $TSM 20240913 170.0 CALL$
Top 10 bullish stocks: $Starbucks(SBUX)$, $Nvidia(NVDA)$, $Chipotle Mexican Grill(CMG)$, $Pfizer(PFE)$, $Lumen(LUMN)$, $DraftKings(DKNG)$, $TeraWulf(WULF)$, $Consolidated Edison(ED)$, $Core Scientific(CORZ)$, $TSMC(TSM)$
Top 10 bearish stocks: $Kenvue(KVUE)$, $Clorox(CLX)$, $Sirius XM(SIRI)$, $ImmunityBio(IBRX)$, $SoundHound AI(SOUN)$, $Disney(DIS)$, $Alphabet(GOOGL)$, $Payoneer Global(PAYO)$, $Palantir(PLTR)$, $Nokia(NOK)$
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$(NVDA)$ $(TSLA)$ $(SBUX)$ $(AAPL)$ $(AMZN)$ $(CMG)$ $(PLTR)$ $(INTC)$ $(AMD)$ $(META)$ $(TSM)$ $(MSTR)$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.
