E-commerce pet supply retailerChewy (CHWY) has been out of favor with the market in the past year, with shares down 60 percent. One trader sees a potential recovery in the first half of 2024. That’s based on the July $30 calls. With 227 days until expiration, 5,500 contracts traded compared to a prior open interest of 161, for a 34-fold rise in volume on the trade. The buyer of the calls paid $1.00 to make the bullish bet. Chewy shares recently traded for about $17.50, so shares would need to rise $12.50, or about 71 percent, for the option to move in-the-money. Chewy is near its ...

Automobile producerGeneral Motors (GM) jumped nearly 10 percent on Wednesday, on news that they were undertaking a large share buyback. One trader sees the potential for shares to trade flat or lower from here instead. That’s based on the June 2024 $32 puts. With 217 days until expiration, 8,276 contracts traded compared to a prior open interest of 219, for a 38-fold rise in volume on the trade. The buyer of the puts paid $2.70 to make the bearish bet. General Motors shares traded just over $31.50, so GM would need to decline about 2 percent from its current price for shares to move ...

Tech giantAmazon (AMZN) is up about 60 percent over the past year, and the company is holding up well as retail is showing signs of strength this holiday season. However, one trader is betting shares may be done moving higher. That’s based on the February $180 puts. With 78 days until expiration, 3,864 contracts traded compared to a prior open interest of 104, for a 37-fold rise in volume on the trade. The buyer of the puts paid $32.65. Amazon shares recently traded for about $147, making the option about $33 in-the-money. Amazon is right near its 52-week high of $149.26. Amazon h...

Utility companyDominion Energy (D) is down over 22 percent this year, as rising interest rates have hit interest-rate sensitive stocks hard. Shares have started to move higher, and one trader sees a continued rally higher in the months ahead. That’s based on the April 2024 $52.50 calls. With 142 days until expiration, 10,001 contracts traded compared to a prior open interest of 274, for a 37-fold rise in volume on the trade. The buyer of the calls paid $0.70. Dominion shares recently traded for about $47, so shares would need to rise about $5.50, or about 12 percent, for the options ...

Pizza chainPapa John’s International (PZZA) is down 20 percent over the past year, and shares trade near their 52-week low. However, one trader sees the possibility for a sizeable jump higher in the coming weeks. That’s based on the December 15 $72.50 calls. With 16 days until expiration, 3,512 contracts traded compared to a prior open interest of 105, for a 33-fold rise in volume on the options trade. The buyer of the calls paid $0.45 to make the bullish bet. Papa John’s shares recently went for just over $67, so they’d have to rise about 11 percent in just over 2 weeks for the opti...

Gold mining and exploration companyMcEwen Mining (MUX) has seen shares rally 34 percent in the past year, nearly triple the return on the S&P 500. One trader is betting on a further rally in the next few months. That’s based on the February $8 calls. With 81 days until expiration, 22,960 contracts traded compared to a prior open interest of 226, for a 102-fold jump in volume on the trade. The buyer of the calls paid $0.50 to make the bullish bet. McEwen shares recently traded just over $7, and would need to rise about 12 percent in just under three months. That would also put sha...

Oil giantPetroleo Brasileiro (PBR) has had a strong year, with shares rallying nearly 60 percent. One trader sees further upside ahead for shares. That’s based on the June 2024 $10 calls. With 209 days until expiration, 10,016 contracts traded compared to a prior open interest of 303, for a 33-fold increase in volume on the trade. The buyer of the calls paid $5.95 to make the bullish bet. Shares recently traded for about $15.85, making this option about $5.80 in-the-money, and leaving very little time premium on an option with over six months to play out. PBR shares are trending h...

Wall Street megabankCitigroup (C) is down 8 percent over the past year, as higher interest rates and a slowdown in financial activity have hit the bottom line. One trader sees shares trending lower. That’s based on the January 2024 $55 puts. With 57 days until expiration, 7,140 contracts traded compared to a prior open interest of 172, for a 42-fold rise in volume on the trade. The buyer pf the puts paid $9.85 to make the bullish bet. Citigroup shares recently traded at about $45, making these options about $10 in-the-money, and having no time premium to them at their current pricing...

Wall Street megabankMorgan Stanley (MS) is down nearly 10 percent over the past year, as financial stocks have been hit by rising interest rates. One trader is betting on a bounce higher in the coming months. That’s based on the February 2024 $87.50 calls. With 86 days until expiration, 25,470 contracts traded compared to a prior open interest of 201, for a 127-fold rise in volume on the trade. The buyer of the calls paid $0.95 to make the bullish bet. Morgan Stanley recently traded just under $80, so they would need to rise about $8, or 10 percent, for the option to move in-the-mone...

Oil and gas producerPhillips 66 (PSX) has underperformed the market over the past year, returning just 6 percent. One trader sees the potential for a move higher. That’s based on the February $135 calls. With 86 days until expiration, 11,002 contracts traded compared to a prior open interest of 161, for a 68-fold rise in volume on the trade. The buyer of the calls paid $0.95 to make the bullish bet. Phillips 66 recently traded for just over $116, so they would need to rise nearly $20, or just over 17 percent, for the option to move in-the-money. The strike price is also about $10 hig...