Option Movers | NIO Sees 58% Call Options; U.S. Steel, Dollar Tree and C3.ai's Volume Surges
Market Overview
U.S. stocks finished slightly lower in choppy trading on Wednesday (Sep. 4) following labor market data and comments from a Federal Reserve official that bolster the case for an interest rate cut.
Regarding the options market, a total volume of 36,242,099 contracts was traded, down 17% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMD(AMD)$, $INTC(INTC)$, $AMZN(AMZN)$, $NIO(NIO)$, $X(X)$, $DLTR(DLTR)$, $PLTR(PLTR)$
Source: Tiger Trade App
$Nvidia(NVDA)$ stock fell 1.7% on Wednesday, continuing the chip maker’s historic drop from the previous day. The stock and broader chip sector have been on a wild ride that doesn’t appear to be settling down.
There are 4.49 million Nvidia option contracts traded on Wednesday, down 25% from the previous trading day. Call options account for 54% of overall option trades. Particularly high volume was seen for the $105 strike put option expiring September 6, with 183,484 contracts trading. NVDA 20240906 105.0 PUT
$Intel(INTC)$ shares extended their losses Wednesday amid a stretch of bad news, as Reuters reported that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom failed.
There are 354.5K Intel option contracts traded on Wednesday, down 32% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring September 6, with 16,023 contracts trading. INTC 20240906 20.0 CALL
Unusual Options Activity
Source: Market Chameleon
As of Wednesday, $NIO(NIO)$ stock has risen for 4 consecutive days. The Chinese EV maker is set to report second-quarter earnings on Thursday morning. For the second quarter, Wall Street is looking for a per-share loss of 31 cents from sales of $2.4 billion, according to FactSet. A year ago, NIO lost 45 cents a share from sales of $1.2 billion.
There are 231.1K NIO option contracts traded on Wednesday, up 47% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the $1 strike put option expiring January 16, 2026, with 22,109 contracts trading. NIO 20260116 1.0 PUT
$U.S. Steel(X)$ shares tumbled 17.5% on Wednesday as the White House is reportedly preparing to block the company’s planned sale to Japan’s Nippon Steel.
There are 229.5K U.S. Steel option contracts traded on Wednesday, up 137% from the previous trading day. Call options account for 51% of overall option trades. Particularly high volume was seen for the 25 strike put option expiring January 17, 2025, with 13,893 contracts trading. X 20250117 25.0 PUT
$Dollar Tree(DLTR)$ shares plunged 22.2% on Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.
There are 213.6K Dollar Tree option contracts traded on Wednesday, up 156% from the previous trading day. Put options account for 56% of overall option trades. Particularly high volume was seen for the 65 strike put option expiring September 6, with 14,648 contracts trading. DLTR 20240906 65.0 PUT
$C3.ai(AI)$ missed quarterly subscription revenue estimates on Wednesday, as enterprises tightened spending amid economic uncertainties, sending its shares down by 17% in after-hours trading.
The trader made a bet before the earnings. There are 123K C3.ai option contracts traded on Wednesday, up 224% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the 23.5 strike call option expiring September 6, with 5,841 contracts trading. AI 20240906 23.5 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.
Top 10 bullish stocks: $NEM(NEM)$, $NVDA(NVDA)$, $TSLA(TSLA)$, $PLTR(PLTR)$, $XP(XP)$, $RIVN(RIVN)$, $AAPL(AAPL)$, $IREN(IREN)$, $WULF(WULF)$, $MU(MU)$
Source: Market Chameleon
Top 10 bearish stocks: $SIRI(SIRI)$, $VZ(VZ)$, $CMG(CMG)$, $GOOGL(GOOGL)$, $AMZN(AMZN)$, $EH(EH)$, $BABA(BABA)$, $CHPT(CHPT)$, $IEP(IEP)$; $GOOG(GOOG)$
Source: Market Chameleon
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$(INTC)$ $(NVDA)$ $(NIO)$ $(DLTR)$ $(AI)$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.
