Wall Street advanced on Thursday (Oct. 23) as investors mulled a mixed batch of corporate earnings and shifting geopolitical concerns. All three major U.S. stock indexes closed higher, with tech strength nudging the Nasdaq into the lead.
Regarding the options market, a total volume of 57,833,935 contracts was traded on Thursday, call ratio accounted for 60%.
Top 10 Option Volumes
Top 10: TSLA; NVDA; BYND; INTC; AMD; AMZN; SMCI; AAPL; RGTI; MSTR
Source: Tiger Trade App
Intel beat expectations for September-quarter profit as CEO Lip-Bu Tan's drastic cost-cutting measures helped the chipmaker shore up its finances amid a slew of high-profile investments in the company. Shares jumped more than 8% to $41.38 in premarket trading.
Options related to Intel saw robust engagement before earnings release, with more than one million contracts trading on Thursday. A particularly high volume was seen for the $40 strike call options expiring this Friday, with a total number of 30,151 contracts trading as of Thursday and open interests accounted for 18,724.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
Tesla pared initial losses to close 2.3% higher on Thursday. The electric-vehicle maker reported a 37% decline in third-quarter net income. Adjusted earnings in the period of 50 cents a share missed analysts’ estimates of 56 cents, even as total revenue jumped 12% to $28.1 billion, higher than Wall Street expectations of $26.5 billion.
Automotive revenue of $21.2 billion topped estimates of $19.6 billion, boosted by a rush by consumers to buy EVs before the expiration of U.S. federal tax credits. Tesla’s free cash flow in the quarter was $3.99 billion, the highest quarterly total in the company’s history.
A total number of 4.27 million options related to Tesla was traded on Thursday, of which 60% were call options. A particularly high volume was seen for the $450 strike call options expiring this Friday, with a total number of 182,118 contracts trading as of Thursday and open interests accounted for 27,504.
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: NFLX; WBD; HOOD; INTC; LVS; AAPL; TSLA; HON; ORCL; DELL
Top 10 bearish stocks: VZ; SMCI; T; AMD; WMT; PFE; FCX; GOOGL; LUV; EA
Source: Market Chameleon
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