Option Movers | Tesla's Volume Surges 135%; Uber Sees 71% Call Options
Market Overview
The S&P 500 and the Dow scored record closing highs on Friday (Oct. 11), with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fueled expectations for a U.S. Federal Reserve rate cut in November.
Regarding the options market, a total volume of 47,389,438 contracts was traded, up 16% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AMD(AMD)$, $PLTR(PLTR)$, $MSTR(MSTR)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $SMCI(SMCI)$, $UBER(UBER)$, $SOFI(SOFI)$,
Source: Tiger Trade App
$Tesla(TSLA)$ shares slumped 8.8% on Friday after the EV maker unveiled its long awaited robotaxi, but did not provide details on how fast it could ramp up production or deal with potential regulatory hurdles.
There are 3.73 million Tesla option contracts traded on Friday, up 135% from the previous trading day. Call options account for 60% of overall option trades. Particularly high volume was seen for the $220 strike call option expiring October 11, with 254,718 contracts trading.
$MicroStrategy(MSTR)$ stock surged almost 16% on Friday as co-founder and executive chairman Michael Saylor told Bernstein analysts the company is currently aiming for a $1 trillion valuation as a bitcoin bank. Bernstein has an Outperform rating on MicroStrategy with a $290 per share price target.
There are 758.4K MicroStrategy option contracts traded on Friday, up 172% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the $210 strike call option expiring October 11, with 35,610 contracts trading.
Unusual Options Activity
Source: Market Chameleon
$Uber(UBER)$ shares jumped 10.8% to a record high on Friday after Tesla’s much-anticipated robotaxi launch event failed to live up to ridesharing investors' fears.
There are 758.4K MicroStrategy option contracts traded on Friday, up 254% from the previous trading day. Call options account for 71% of overall option trades. Particularly high volume was seen for the $220 strike call option expiring October 11, with 254,718 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 -4,166,723 shares of Intel stock. The largest bearish delta came from buying puts. The largest delta volume came from the 19-Jul-24 41 Put, with traders getting short 1,073,989 deltas on the single option contract. INTC 20240719 41.0 PUT
Top 10 bullish stocks: $MSTR(MSTR)$, $MBLY(MBLY)$, $CNX(CNX)$, $UBER(UBER)$, $BEKE(BEKE)$, $SMCI(SMCI)$, $AI(AI)$, $SOUN(SOUN)$, $WULF(WULF)$, $SNAP(SNAP)$
Source: Market Chameleon
Top 10 bearish stocks: $NVDA(NVDA)$, $SOFI(SOFI)$, $AMD(AMD)$, $ACHR(ACHR)$, $BAC(BAC)$, $TSLA(TSLA)$, $MPW(MPW)$, $LYFT(LYFT)$; $OXY(OXY)$, $DASH(DASH)$
Source: Market Chameleon
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$(TSLA)$ $(MSTR)$ $(UBER)$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.
