To The Moon

Options Market Statistics: Unusual Options Activity in Block

U.S. stocks moved higher Thursday as investors weighed the future path of interest rates following the Federal Reserve's quarter-point raise.

$Tesla Motors(TSLA)$ shares edged higher by 0.56%, with option volume of 2.30 million, and calls accounted for 57.8%. The 200.00 calls expiring Friday lead the flow with a volume of 245,594.

On Thursday, EV news outlet Electrek, citing people familiar with the matter, reported that Tesla expects its lowest-priced Model 3 sedan will lose eligibility for the full $7,500 tax credit.

LFP batteries -- meaning lithium-iron-phosphate batteries -- cost less, but have less power per unit of volume. The auto industry tends to use them in EVs with a lower per-charge range.

Losing the entire credit, which was passed as part of the Inflation Reduction Act, would be a surprise. The credit depends on many factors, including where batteries and battery materials are sourced, and where battery packs and vehicles are assembled. The Model 3 is assembled in Fremont, California.

$Block(SQ)$ shares dropped by 14.82%, with option volume of 0.81 million, five times its 30-day average volume, and puts accounted for 51.2%.

Jack Dorsey's fintech company Block Inc is responding to a Thursday short report issued by Hindenburg Research that accuses Block of misleading investors and taking advantage of the people it claims to help.

$Coinbase Global, Inc.(COIN)$ shares dropped by 14.05%, with option volume of 0.54 million, and puts accounted for 57.4%.

Shares of Coinbase Global dropped Thursday morning after the company said late yesterday that the Securities and Exchange Commission has informed it of its plan to take enforcement action.

$Netflix(NFLX)$ shares up 14.05%, with option volume of 0.50 million, and puts accounted for 51.1%.

During a recent press event, Netflix announced its plans to release 40 new video games throughout the remainder of 2023.

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