Option Movers | Broadcom's Volume Surges 143%; NIO Sees 76% Call Options
Market Overview
The benchmark S&P 500 index and the Dow ended lower in choppy trading on Thursday (Sep. 5) after a short-lived boost from a string of economic reports faded and investors eyed key jobs data due on Friday. The Nasdaq finished slightly higher.
Regarding the options market, a total volume of 39,701,197 contracts was traded, up 10% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $INTC(INTC)$, $AVGO(AVGO)$, $NIO(NIO)$, $DLTR(DLTR)$, $BAC(BAC)$, $AMD(AMD)$
Source: Tiger Trade App
$Tesla(TSLA)$ shares rose 4.9% on Thursday after the electric automaker stuck to its plans to launch the Full Self-Driving (FSD) advanced driver assistance software in China and Europe pending approval from regulators.
There are 2.76 million Tesla option contracts traded on Thursday, up 62% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $230 strike call option expiring September 6, with 186,484 contracts trading. TSLA 20240906 230.0 CALL
$Intel(INTC)$ shares dropped again on Thursday amid worries the chipmaker could be in danger of losing its status as a member of the Dow Jones Industrial Average. The company was one of the first tech companies to join the 30-stock index in 1999, but last month's disappointing second-quarter earnings results sent shares to their lowest level since 2013.
There are 502.3K Intel option contracts traded on Thursday, up 40% from the previous trading day. Put options account for 74% of overall option trades. Particularly high volume was seen for the $40 strike put option expiring September 20, with 39,045 contracts trading. INTC 20240920 40.0 PUT
Unusual Options Activity
Source: Market Chameleon
$Broadcom(AVGO)$, a chip supplier for Apple Inc. and other big tech companies, fell in late trading after delivering a disappointing sales forecast, hurt by the portion of its business that isn’t tied to artificial intelligence.
Traders have made a bet ahead of Broadcom's earnings. There are 399.4K Broadcom option contracts traded on Thursday, up 143% from the previous trading day. Call options account for 53% of overall option trades. Particularly high volume was seen for the $160 strike call option expiring September 6, with 15,402 contracts trading. AVGO 20240906 160.0 CALL
$NIO(NIO)$ shares surged 14.4% on Thursday, after the China-based electric vehicle maker provided an upbeat outlook for the current quarter, with deliveries to reach another record and revenue to surprisingly rise above forecasts.
There are 383.7K NIO option contracts traded on Thursday, up 64% from the previous trading day. Call options account for 76% of overall option trades. Particularly high volume was seen for the $4.5 strike call option expiring September 6, with 50,097 contracts trading. NIO 20240906 4.5 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: $NVDA(NVDA)$, $VSTS(VSTS)$, $TSLA(TSLA)$, $APLD(APLD)$, $NIO(NIO)$, $PEP(PEP)$, $SYM(SYM)$, $JD(JD)$, $ITUB(ITUB)$, $DLTR(DLTR)$
Source: Market Chameleon
Top 10 bearish stocks: $BAC(BAC)$, $SIRI(SIRI)$, $MBLY(MBLY)$, $XOM(XOM)$, $BABA(BABA)$, $T(T)$, $AAL(AAL)$, $CVNA(CVNA)$, $AMZN(AMZN)$; $F(F)$
Source: Market Chameleon
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$(TSLA)$ $(INTC)$ $(AVGO)$ $(NIO)$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.
