Option Movers | Nvidia's Trading Volume Surges 60%; Cathie Wood's ARKK Hurts
Market Overview
Wall Street closed higher on Thursday (Mar. 23rd) as market participants were reassured by U.S. Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe.
Regarding the options market, a total volume of 46,876,067 contracts was traded, up 16% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $Tesla(TSLA)$; $IWM(IWM)$; $Nvidia(NVDA)$; $Apple(AAPL)$; $Bank of America(BAC)$; $Block(SQ)$; $Amazon(AMZN)$; $iShares MSCI(EWZ)$
Source: Tiger Trade APP
Options related to equity index ETFs are still popular with investors, with 11.29 million $SPDR S&P500 ETF Trust(SPY)$ and 4.1 million $Invest QQQ Trust ETF(QQQ)$ options contracts trading on Thursday.
$NVIDIA(NVDA)$ stock rose advanced 2.73% to $271.91 after Needham raised its price target, pushing its market capitalization past $670 billion and surpassing $Berkshire Hathaway(BRK.A)$ to become the market's 5th largest stock.
Needham & Company analysts raised the firm's price target on $NVIDIA(NVDA)$ to $300 from $270, maintaining a Buy rating on the stock.
The Needham & Company analysts believe AI will continue to push the needs of the semiconductor industry in order to achieve the necessary levels of capability and reliability.
Most Active Options
1. Most Active Trading Equities Options:
Special %Calls >70%: $Alibaba(BABA)$
Data From CBOE Trader Alert, as of 23 Mar 2023 EDT
2. Most Active Trading ETFs Options
Special %Calls >80%: $Nasdaq 100 Bear 3X ETF(SQQQ)$; $iShares Silver Trust(SLV)$
Data From CBOE Trader Alert, as of 23 Mar 2023 EDT
Special %Puts >80%: $SPDR S&P Biotech ETF(XBI)$
Data From CBOE Trader Alert, as of 23 Mar 2023 EDT
Source: Market Chameleon
$Block(SQ)$ and $Coinbase Global (COIN)$ were under considerable pressure based on negative news that came out about them.
$Block(SQ)$ stock closed 14.82% lower on Thursday after short seller Hindenburg Research levied accusations of fraud against the digital payment company formerly known as Square.
The report accused Block of a "willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics."
$Coinbase Global (COIN)$ received a Wells notice from the SEC, and the stock finished 14% lower Thursday. The warning is likely related to Coinbase’s EARN product, which allows customers to stake their crypto and receive rewards on it, or possibly products like Coinbase Prime and Coinbase Wallet.
Cathie Wood‘s popular $ARK Innovation ETF(ARKK)$ finished 1.5% lower Thursday. Coinbase is ARKK’s fourth-largest position, accounting for 7.5% of funds, and Block is the sixth-largest holding, accounting for 6.2%.
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.
Top 10 bullish stocks: CS, RIOT, NVDA, XPEV, ORCC, SRG, MULN, UAL, MPW, AI
Top 10 bearish stocks: BAC, TSLA, NU, DB, GOOGL, SCHW, FRC, C, WFC, MU
Source: Market Chameleon
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