Option Movers | Tesla Call Option Soars 769% in One Day; Alibaba Shows Bullish Sentiment
Market Overview
The S&P 500 surged to a record high close on Thursday (Sep. 19), the day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.
Regarding the options market, a total volume of 50,171,563 contracts was traded.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Apple(AAPL)$, $Intel(INTC)$, $AMD(AMD)$, $Meta(META)$, $Amazon(AMZN)$, $Palantir(PLTR)$, $SoFi Technologies(SOFI)$, $Microsoft(MSFT)$
Investors poured into tech stocks at one of the fastest clips of the year a day after the Fed cut its benchmark interest rate for the first time since 2020.
Led by a 7.4% gain in shares of Tesla and a 4% jump in Nvidia, the Nasdaq rose 2.5% on Thursday, its fourth-sharpest rally of 2024. The biggest gain of the year for the tech-heavy index was a 3% increase on Feb. 22.
There are 3.82M Nvidia option contracts traded on Thursday. Call options account for 64% of overall option trades. Particularly high volume was seen for the $120 strike call option expiring September 20, with 261,274 contracts trading. $NVDA 20240920 120.0 CALL$
There are 2.69M Tesla option contracts traded on Thursday. Call options account for 58% of overall option trades. Particularly high volume was seen for the $240 strike call option expiring September 20, with 171,533 contracts trading. The $240 strike call option expiring this Friday surged 769% on Thursday. $TSLA 20240920 240.0 CALL$
Unusual Options Activity
$Nio(NIO)$ shares up 7.57% on Thursday after company cuts price for new Onvo-branded car.
Onvo, the lower-priced brand launched by premium electric car company Nio, announced its first car, the L60 SUV, would start as low as 149,900 Chinese yuan ($21,210) when buying battery services. Deliveries are set to begin Sept. 28.
There are 236.52K Nio option contracts traded on Thursday. Call options account for 78% of overall option trades. Particularly high volume was seen for the $5.5 strike call option expiring September 20, with 30,213 contracts trading. $NIO 20240920 5.5 CALL$
$MicroStrategy(MSTR)$ shares up 9.04%. Most major digital assets were firmer late Thursday, with bitcoin soaring above the $63,000 level.
There are 258.31K MicroStrategy option contracts traded on Thursday. Call options account for 68% of overall option trades. Particularly high volume was seen for the $150 strike call option expiring September 20, with 23,846 contracts trading. $MSTR 20240920 150.0 CALL$
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 649,653 shares of $Alibaba(BABA)$ stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Sep-24 Call, with traders getting long 335,779 deltas on the single option contract.
Top 10 bullish stocks: $Intuitive Machines(LUNR)$, $Apple(AAPL)$, $AMD(AMD)$, $Moderna(MRNA)$, $International Flavors & Fragrances(IFF)$, $Micron(MU)$, $Merck & Co(MRK)$, $MicroStrategy(MSTR)$, $Alibaba(BABA)$, $Snowflake(SNOW)$
Top 10 bearish stocks: $Royal Caribbean Cruises(RCL)$, $Valley National Bancorp(VLY)$, $Boeing(BA)$, $Dollar Tree(DLTR)$, $SoFi Technologies(SOFI)$, $Intel(INTC)$, $Alphabet(GOOG)$, $Snap(SNAP)$, $Occidental(OXY)$, $Palantir(PLTR)$
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$(NVDA)$ $(TSLA)$ $(AAPL)$ $(INTC)$ $(AMD)$ $(META)$ $(AMZN)$ $(PLTR)$ $(SOFI)$ $(MSFT)$ $(NIO)$ $(MSTR)$ $(BABA)$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.
