Market Overview

Wall Street see-sawed to a lower close on Thursday(Jan. 2) amid choppy trading, as investors embarked on the new year facing the cross-currents of solid labor market data, a rising dollar and tumbling Tesla shares.

Regarding the options market, a total volume of 45,991,607 contracts was traded.

Top 10 Option Volumes

Top 10: Tesla, Nvidia, Apple, Palantir, AMD, SoFi Technologies, Amazon.com, MicroStrategy, Cisco, Rigetti Computing

Tesla Motors reported its first fall in yearly deliveries on Thursday as lucrative year-end incentives for the Elon Musk-led electric vehicle maker's aging lineup and the new Cybertruck pickup failed to lure customers wary of high borrowing costs. Shares fell 6% on Thursday.

There are 3.11 million Tesla Motors option contracts traded on Thursday. Call options account for 54% of overall option trades. Particularly high volume was seen for the $380 strike put option expiring Jan. 3, with 111,342 contracts trading. $TSLA 20250103 380.0 PUT$

Unusual Options Activity

There are 404.76K Cisco option contracts traded on Thursday, nearly 9 times higher than the 90-day average trading volume. Call options account for 98% of overall option trades. Particularly high volume was seen for the $52.5 strike call option expiring Jan 17, 2025, with 97,662 contracts trading. $CSCO 20250117 52.5 CALL$

Rigetti Computing shares surged by 31.06%. The company has gained attention due to the release of its 84-qubit Ankaa-3 quantum computer, which features improved gate fidelities and reduced error rates, crucial for advancing quantum computing applications.

There are 394.40K Rigetti Computing option contracts traded on Thursday. Call options account for 70% of overall option trades. Particularly high volume was seen for the $19 strike call option expiring Jan 3, 2025, with 22,340 contracts trading. The $19 strike call option expiring this Friday surged 600% on Thursday. $RGTI 20250103 19.0 CALL$

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 -1,289,854 shares of Tesla Motors stock. The largest bearish delta came from selling calls. The largest delta volume came from the 03-Jan-25 Put, with traders getting long 276,514 deltas on the single option contract.

Top 10 bullish stocks: Bristol Myers Squibb, Cisco, Rigetti Computing, Nvidia, Faraday Future, D-Wave Quantum, Exxon Mobil, Lyft, Unity Software, Neumora Therapeutics

Top 10 bearish stocks: Tesla, Eos Energy, Precigen, Bilibili, American Airlines, Alphabet, GameStop, KULR Technology, Broadcom, Energy Transfer

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