Option Movers | INTC, GME, and DELL See 70%+ Call Options; BITO's Volume Surges 123%
Market Overview
Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday (Aug. 30), with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.
Regarding the options market, a total volume of 41,571,756 contracts was traded, down 4% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $INTC(INTC)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $AMD(AMD)$, $SMCI(SMCI)$, $GME(GME)$, $PDD(PDD)$, $PLTR(PLTR)$
Source: Tiger Trade App
$Intel(INTC)$ stock jumped Almost 10% Friday on a report that the chip giant is considering major changes, including spinning off or selling its manufacturing business.
There are 1.18 million Intel option contracts traded on Friday, up 87% from the previous trading day. Call options account for 72% of overall option trades. Particularly high volume was seen for the $22 strike call option expiring August 30, with 71,180 contracts trading.
$GameStop(GME)$ shares surged another 8.9% on Friday after jumping 8.1% on Thursday. The company is converting stores to focus on retro gaming, tapping into the nostalgia market as part of its new business strategy. Moreover, In an SEC filing Tuesday, GameStop said it had voluntarily terminated a $250 million credit agreement that the company entered in November 2021. GameStop is scheduled to release its second-quarter earnings report on September 10 2024, after the market closes.
There are 371.5K GameStop option contracts traded on Friday, up 41% from the previous trading day. Call options account for 85% of overall option trades. Particularly high volume was seen for the $23 strike call option expiring August 30, with 32,712 contracts trading.
Unusual Options Activity
Source: Market Chameleon
$ProShares Bitcoin Strategy ETF (BITO)$ (BITO) is trading ex-dividend on September 3, 2024. Shareholders of record on September 3rd, 2024 will receive 1.20884 USD dividend per share on September 10, 2024. The ex-dividend date is September 3, 2024.
There are 650.4K GameStop option contracts traded on Friday, up 123% from the previous trading day. Call options account for 96% of overall option trades. Particularly high volume was seen for the $10 strike call option expiring January 16, 2026, with 146,713 contracts trading. BITO 20260116 10.0 CALL
$Dell Technologies(DELL)$ shares rose 4.3% on Friday, after robust demand for its artificial intelligence-powered servers prompted the company to raise its full-year earnings and revenue forecasts.
There are 247.7K Dell option contracts traded on Friday, up 13% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $115 strike call option expiring August 30, with 11,779 contracts trading.
Chipmaker $Marvell Technology(MRVL)$ surpassed expectations for quarterly revenue and forecast third-quarter results above Wall Street estimates on Thursday, on the back of strong demand for its electro-optics products and an increase in custom AI programs. The company's shares jumped 9.2% on Friday.
There are 172K Marvell Technology option contracts traded on Friday, down 27% from the previous trading day. Call options account for 64% of overall option trades. Particularly high volume was seen for the $77 strike call option expiring August 30, with 9,504 contracts trading.
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 sold a net equivalent of -6,642,216 shares of Nvidia stock. The largest bearish delta came from selling calls. The largest delta volume came from the 30-Aug-24 119 Call, with traders getting short 3,637,222 deltas on the single option contract.
Top 10 bullish stocks: $PDD(PDD)$, $K(K)$, $WBD(WBD)$, $GME(GME)$, $APLD(APLD)$, $INTC(INTC)$, $TSLA(TSLA)$, $ASTS(ASTS)$, $AVGO(AVGO)$, $AFRM(AFRM)$
Source: Market Chameleon
Top 10 bearish stocks: $NVDA(NVDA)$, $AAPL(AAPL)$, $SIRI(SIRI)$, $NIO(NIO)$, $RIVN(RIVN)$, $LMT(LMT)$, $UAL(UAL)$, $HOOD(HOOD)$, $DIS(DIS)$; $CCL(CCL)$
Source: Market Chameleon
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$(INTC)$ $(GME)$ $(BITO)$ $(DELL)$ $(MRVL)$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.
