Option Movers | First Republic's Volume Surges; Tesla Sees $100M+ Put Orders
Market Overview
The Nasdaq closed lower on Monday (Apr. 24), underperforming the S&P 500 and the Dow, with pressure from high-profile megacaps as investors awaited results from companies including Microsoft while Tesla shares fell on concerns about its spending plans.
Regarding the options market, a total volume of 40,317,734 contracts was traded, which is the same as the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $TSLA(TSLA)$; $VIX(VIX)$; $AAPL(AAPL)$; $AMZN(AMZN)$; $IWM(IWM)$; $FRC(FRC)$; $NVDA(NVDA)$; $AMC(AMC)$
Source: Tiger Trade App
Options related to equity index ETFs are still popular with investors, with 7.04 million $SPDR S&P500 ETF Trust(SPY)$ (SPY) and 2.53 million $Invest QQQ Trust ETF(QQQ)$ (QQQ) options contracts trading on Monday.
$Tesla Motors(TSLA)$ finished down 1.5% on Monday after the automaker raised its 2023 capital expenditure forecast to ramp up output, making it the second biggest drag on the benchmark S&P 500 behind Microsoft Corp.
Source: Tiger Trade
A total volume of 1.95 million options related to Tesla was traded on Monday. Put options account for 51% of overall option trades. Particularly high volume was seen for the $165 strike call option expiring April 28, with 125,826 contracts trading. The next is the $160 strike put option expiring April 28, with 119,790 contracts trading.
It is worth noting that Tesla saw several forward put orders worth over $100 million on Monday.
Source: Tiger Trade App
Source: Tiger Trade App
Most Active Options
1. Most Active Trading Equities Options:
Special %Calls >65%: $Bed Bath & Beyond(BBBY)$, $Ford(F)$, $AT&T Inc(T)$, $Alibaba(BABA)$, $Bank of America(BAC)$, $Amazon.com(AMZN)$
Data From CBOE Trader Alert, as of 24 APR 2023 EDT
2. Most Active Trading ETFs Options
Special %Calls >70%: $VIX Short-Term Futures 1.5X ETF(UVXY)$, $VanEck Gold Miners ETF(GDX)$, $SPDR Gold Shares(GLD)$, $iShares Silver Trust(SLV)$, $Nasdaq100 Bear 3X ETF(SQQQ)$, $iShares 20+ Year Treasury Bond ETF(TLT)$
Data From CBOE Trader Alert, as of 24 APR 2023 EDT
Special %Puts >70%: $iShares iBoxx $ High Yield Corporate Bond ETF(HYG)$
Data From CBOE Trader Alert, as of 24 APR 2023 EDT
Unusual Options Activity
Source: Market Chameleon
$First Republic Bank(FRC)$ shares sank more than 22% after the closing bell on Monday as it said deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.
Source: Tiger Trade
There are 483.8K First Republic Bank option contracts traded on Monday, which is about 6 times the average trading volume for 90 days. Put options account for 52% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring April 28, with 47,959 contracts trading.
Source: Market Chameleon
The UK will finally issue its ruling on Microsoft's $68.7bn attempt to buy Call of Duty publisher $Activision Blizzard(ATVI)$ this Wednesday, 26th April, following months of deliberation.
The UK's Competition and Markets Authority (CMA) is one of three key regulators around the world still scrutinising Microsoft's deal, alongside the US Federal Trade Commission and the EU's European Commission.
Activision Blizzard also intends to release its first quarter 2023 results after the close of the market on Thursday, April 27, 2023.
There are 174.1K Activision Blizzard option contracts traded on Monday. Put options account for 59% of overall option trades. Particularly high volume was seen for the $80 strike put option expiring May 19, with 35,678 contracts trading.
Source: Market Chameleon
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: $SPY(SPY)$, $MULN(MULN)$, $AMC(AMC)$, $BBBY(BBBY)$, $EEM(EEM)$, $EC(EC)$, $NYCB(NYCB)$, $IWM(IWM)$, $ZM(ZM)$, $AAPL(AAPL)$
Top 10 bearish stocks: $QQQ(QQQ)$, $NIO(NIO)$, $F(F)$, $TSLA(TSLA)$, $BABA(BABA)$, $HYG(HYG)$, $COIN(COIN)$, $KO(KO)$, $RLX(RLX)$, $BAC(BAC)$
Source: Market Chameleon
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$(SPY)$ $(QQQ)$ $(TSLA)$ $(FRC)$ $(ATVI)$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.
Another 250 million contribution from wealth management and will retain 90 percent of wealth assets per ER. This bank can ride this interest rate problem out.
Obviously this bank right now has a deposit problem. I am no banker. But I think the other stuff us good and then find a buyer with too much deposit.
I bet FRC's deposit problem has tripled after yesterday. Depositors want safety & this bank is anything but that for the unprotected part of the deposit.
This stock will fly 20% in minutes with even a smidgen of good news. Hopefully they got a solution to some of the problems yesterday
huge investors are entering to save the bank. A little late but better late than ever for FRC