Pizza chain Papa John’s International (PZZA) has lost nearly half its value over the past year amid a slowdown in consumer spending on dining. One trader sees further weakness in the months ahead. That’s based on the October $40 puts. With 67 days until expiration, 7,988 contracts traded compared to a prior open interest of 338, for a 24-fold rise in volume on the trade. The buyer of the puts paid $2.15 to make the bearish bet. Papa John’s recently traded for just over $43, so shares would need to drop by $3, or about 7%, for the option to move in-the-money. The strike price of $40 i...

Rideshare company Lyft (LYFT) sank over 17% earlier this week when it reported earnings. Shares are now slightly down for the year, and one trader sees further downside through the end of next year. That’s based on the December 2025 $8 puts. With 497 days until expiration, 45,577 contracts traded compared to a prior open interest of 613, for a 74-fold rise in volume on the trade. The buyer of the puts paid $1.70 to make the bearish bet. Lyft shares recently traded for about $9, so they would need to drop by $1, or about 11%, for the option to move in-the-money. The stock is right at ...

Capital markets giant Jefferies Financial Group (JEF) is up 49% over the past year, far exceeding the returns on the S&P 500. One trader sees shares pulling back over the coming months. That’s based on the December $50 puts. With 134 days until expiration, 6,000 contracts traded compared to a prior open interest of 186, for a 32-fold rise in volume on the trade. The buyer of the puts paid $2.40 to make the bearish bet. Jefferies shares recently traded for about $54.50, meaning shares would need to drop about 9% for the option to move in-the-money. The stock has recently come off ...

Regional bank Zions Bancorporation (ZION) is up 23% over the past year, slightly beating out the overall market. One trader sees shares continuing higher over the coming months. That’s based on the October $45 calls. With 72 days until expiration, 6,069 contracts traded compared to a prior open interest of 150, for a 40-fold rise in volume on the trade. The buyer of the calls paid $4.10 to make the bullish bet. Zions shares recently traded for about $46, making these calls about $1.00 in-the-money already. Shares recently pulled back sharply with the overall stock market, leaving the...

Consumer goods company Procter & Gamble (PG) is up 7% over the past year, underperforming the market amid fears of a consumer spending slowdown. One trader is betting on a rally higher in the weeks ahead. That’s based on the August 30 $175 calls. With 24 days until expiration, 15,722 contracts traded compared to a prior open interest of 143, for a 49-fold rise in volume on the trade. The buyer of the calls paid $0.91 to make the bullish bet Procter & Gamble shares recently traded for about $170, meaning shares would need to rally by $5, or about 3%, for the option to move in-...

Offshore oil and gas services company Transocean (RIG) is down over 30% in the past year. One trader is betting shares will stabilize and potentially even head higher through the end of 2026. That’s based on the December 2026 $3.00 calls. With 865 days until expiration, 10,699 contracts traded compared to a prior open interest of 128, for an 84-fold rise in volume on the trade. The buyer of the calls paid $3.15 to make the bullish bet. Transocean shares trade for about $5.50, meaning that the options are already about $2.50 in-the-money. Transocean is closer to its 52-week low of $4....

Electric and gas utility company Public Service Enterprise Group (PEG) is up 23% over the past year. One trader is betting the utility will trend even higher in the second half of the year. That’s based on the December 20 $82.50 calls. With 140 days until expiration, 7,000 contracts traded compared to a prior open interest of 113, for a 62-fold rise in volume on the trade. The buyer of the calls paid $3.40 to make the bullish bet. PEG shares recently traded for about $80, so shares would need to rally by $2.50, or about 3.1%, for the option to move in-the-money. With the stock bre...

Chipmaker Intel (INTC) is down 14% over the past year, underperforming the chip space as a whole. One trader sees a further decline in the weeks ahead. That’s based on the August 23 $26 puts. With 22 days until expiration, 18,424 contracts traded compared to a prior open interest of 109, for a massive 169-fold rise in volume on the trade. The buyer of the puts paid $0.28 to make the bearish bet. Intel shares recently traded for just over $30. Shares would need to drop by at least $4, or nearly 15% in under a month, for the option to move in-the-money. With Intel shares now hitting ne...

Department store chainMacy’s (M) has traded flat over the past year, as the company has been targeted for a buyout, but rejected that offer. One trader sees shares trending lower into next year. That’s based on the February 2025 $15 puts. With 205 days until expiration, 3,325 contracts traded compared to a prior open interest of 114, for a 29-fold rise in volume on the trade. The buyer of the puts paid $1.22 to make the bearish bet. Macy’s recently traded for about $17, meaning shares would need to decline by $2, or about 12%, for the option to move in-the-money. The $15 strike price...

Drug manufacturer Pfizer (PFE) is down 16% over the past year, but shares have been in an uptrend since April. One trader sees shares trending higher through next spring. That’s based on the March 2025 $34 calls. With 234 days until expiration, 9,332 contracts traded compared to a prior open interest of 252, for a 37-fold rise in volume on the trade. The buyer of the calls paid $1.48 to make the bullish bet. Pfizer shares recently traded for just under $31, so they would need to rise by $3, or just under 10%, for the option to move in-the-money. The strike price is well under Pfizer’...