Option Movers | Tesla Stocks Soar Again on Musk’s Big Trump Bet, Options Pop; Wells Fargo Sees 88% Call Options
U.S. stocks closed higher on Thursday(Nov. 7), after the Federal Reserve announced a cut of 25 basis points (bps) in interest rates, extending a sharp rally sparked by Donald Trump's return as U.S. president.
The Fed cut interest rates by a quarter of a percentage point as policymakers took note of a job market that has "generally eased" while inflation continues to move toward the U.S. central bank's 2% target.
A line chart comparing inflation metrics over the past five years.
Regarding the options market, a total volume of 58,325,404 contracts was traded on Thursday.
Top 10 Option Volumes
Top 10: $Nvidia(NVDA)$; $Tesla(TSLA)$; $Energy Transfer(ET)$; $Palantir(PLTR)$; $Amazon(AMZN)$; $Super Micro Computer(SMCI)$; $Apple(AAPL)$; $Wells Fargo(WFC)$; $Trump Media(DJT)$; $Intel(INTC)$
Midstream company $Energy Transfer LP(ET)$ said it has received requests for connections to more than 90 power plants and data centers that could total some 16 billion cubic feet per day (bcf/d) of new natural gas demand.
Energy-hungry data centers needed to expand technologies like artificial intelligence are expected to account for 8% of power demand in the U.S. by 2030, compared with 3% in 2022, according to a Goldman Sachs report in May.
"We are already seeing increasing power needs across several of our natural gas pipelines, driven by AI data center and power plant growth," said co-Chief Executive Officer Tom Long.
A total number of 2.75 million options related to $Energy Transfer LP(ET)$ was traded. A particularly high trading volume was seen for the $15 strike call options expiring Jan. 17, 2025, with 553,761 options contracts trading on Thursday. $ET 20250117 15.0 CALL$
$Tesla Motors(TSLA)$ stock rose 3% Thursday after a big target price bump from a Wall Street bull and after realizing huge—somewhat surprising—post-election 15% gains on Wednesday.
The two-day gains have added almost $45 a share or $145 billion for Tesla. That’s roughly equivalent to the combined market value of General Motors , Ford , and Stellantis .
A total number of 2.99 million options related to $Tesla Motors(TSLA)$ was traded, of which 64% were call options on Thursday. A particularly high trading volume was seen for the $300 strike call options expiring this Friday, with 296,419 options contracts trading. $TSLA 20241108 300.0 CALL$
Unusual Options Activity
$Wells Fargo(WFC)$'s shares dipped by 3.7% on Thursday. Analysts have said a second Trump presidency would resume friendlier regulations on Wall Street companies.
A total number of 665.84K options related to $Wells Fargo(WFC)$ was traded, of which 88% were call options. A particularly high trading volume was seen for the $65 strike call options expiring Nov. 15, with 90,190 options contracts trading on Thursday. $WFC 20241115 65.0 CALL$
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 sold a net equivalent of -2,840,096 shares of $Amazon.com(AMZN)$ stock. The largest bearish delta came from selling calls. The largest delta volume came from the 08-Nov-24 Call, with traders getting short 2,595,326 deltas on the single option contract.
Top 10 bullish stocks: $Energy Transfer(ET)$; $Archer Aviation(ACHR)$; $Tiger(TIGR)$; $BP(BP)$; $Pfizer(PFE)$; $MicroStrategy(MSTR)$; $Apple(AAPL)$; $Intel(INTC)$; $GameStop(GME)$; $Super Micro Computer(SMCI)$
Top 10 bearish stocks: $Wells Fargo(WFC)$; $Tesla(TSLA)$; $Amazon(AMZN)$; $SoFi Technologies(SOFI)$; $Rush Street Interactive(RSI)$; $AMD(AMD)$; $Rivian(RIVN)$; $Trump Media(DJT)$; $Citigroup(C)$; $AMC Entertainment(AMC)$
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