Option Movers | Palantir Nears $100B Market Cap, Options Pop; Traders Bet Tesla to $250 Ahead of Robotaxi Day
Wall Street stocks advanced on Wednesday (Oct. 9) with the S&P 500 and the Dow scoring record closing highs after the release of Federal Reserve meeting minutes and ahead of September inflation data and the earnings season.
Regarding the options market, a total volume of 40,536,132 contracts was traded on Wednesday.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$; $Tesla(TSLA)$; $Palantir(PLTR)$; $Apple(AAPL)$; $Super Micro Computer(SMCI)$; $Verizon(VZ)$; $AT&T(T)$; $AMD(AMD)$; $Amazon(AMZN)$; $Broadcom(AVGO)$
$Tesla(TSLA)$ shares fell 1.4% on Wednesday.
Tesla is expected to unveil its autonomous "robotaxi" on Thursday, after the event was delayed from its original date in August, with analysts expecting a number of updates from the electric vehicle (EV) maker.
Deutsche Bank and Wedbush analysts wrote recently that they expect to see a demo of the vehicle, rumored to be called the "Cybercab," along with projections of how much the robotaxi will cost to operate, where it will be produced and be available, and what Tesla's version of a ride-sharing app could look like.12
A total number of 1.09 million options related to $Tesla(TSLA)$ was traded on Wednesday. A particularly high trading volume was seen for the $250 strike call options expiring this Friday, with 52,495 options contracts trading on Wednesday. $TSLA 20241011 250.0 CALL$
$Palantir Technologies Inc.(PLTR)$'s stock soared by 4% on Wednesday.
Palantir Technologies Inc.’s explosive stock rally this year has it coursing toward a major milestone: a $100 billion market capitalization.
The company has become one of the largest software businesses in the world. By market cap, Palantir, which makes technology for governments and commercial enterprises, ranks eighth among U.S.-listed software companies in the GICS software industry, as well as 12th globally in FactSet’s packaged-software category, according to Dow Jones Market Data.
A total number of 867.09K options related to Palantir was traded, of which 66% were call options on Wednesday. A particularly high trading volume was seen for the $42 strike call options expiring this Friday, with 35,315 options contracts trading. $PLTR 20241011 42.0 CALL$
Unusual Options Activity
$Verizon(VZ)$'s shares up 0.23% on Wednesday. Verizon has lined up $10 billion of short-term bank funding to help fund its purchase of Frontier Communications Parent Inc., according to people familiar with the matter.
A total number of 604.85K options related to $Verizon(VZ)$ was traded, of which 95% were call options. A particularly high trading volume was seen for the $33 strike call options expiring Jan. 17, 2025, with 130,007 options contracts trading on Wednesday. $VZ 20250117 33.0 CALL$
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 1,439,244 shares of $Oracle(ORCL)$ stock. The largest bullish delta came from buying calls. The largest delta volume came from the 18-Oct-24 Call, with traders getting long 853,411 deltas on the single option contract.
Top 10 bullish stocks: $Robinhood(HOOD)$; $Oracle(ORCL)$; $Apple(AAPL)$; $Palantir(PLTR)$; $KE Holdings(BEKE)$; $Corning(GLW)$; $Tiger(TIGR)$; $Rivian(RIVN)$; $Alibaba(BABA)$; $WW International(WW)$
Top 10 bearish stocks: $Verizon(VZ)$; $Nvidia(NVDA)$; $AT&T(T)$; $Arcadium Lithium(ALTM)$; $Meta(META)$; $Boeing(BA)$; $Delta Air Lines(DAL)$; $POET Technologies(POET)$; $Ford(F)$; $AMD(AMD)$
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