Beverage and snack companyPepsiCo (PEP) are one of the few companies to be trading near 52-week highs in today’s market. One trader sees the stock declining in the weeks ahead. That’s based on the October $120 put. With 56 days until expiration, 10,953 contracts traded compared to a prior open interest of 157, for a 70-fold rise in volume on the trade. The buyer of the puts paid $0.13 to bet on a move lower. Share recently traded for about $180, so they would need to fall by $60, or one third, for the option to move in-the-money. The stock would also need to drop under its 52-week lo...

Shares of oil and gas exploration companyRing Energy (REI) have lagged its peers, with just a 30 percent gain in the past year. One trader sees the company narrowing that gap with a move higher. That’s based on the December $5.50 calls. With 113 days until expiration, 10,126 contracts traded compared to a prior open interest of 225, for a 45-fold surge in volume on the trade. The buyer of the calls paid $0.13 to make the trade. Shares recently traded close to $3.00. So they would need to rise $2.50, or about 83 percent, for the options to move in-the-money. Shares have a 52-week high...

Shares of cannabis producerTilray Brands (TLRY) are down 72 percent in the past year as investors have lost interest in the growing cannabis market. One trader sees the potential for a strong bounce in the months ahead. That’s based on the November $7.00 calls. With 86 days until expiration, 7,536 contracts traded compared to a prior open interest of 121, for a 62-fold rise in volume on the trade. The buyer of the calls paid $0.24. Shares recently traded around $3.50, so in order for the option to move in-the-money, shares would have to double. The stock has a 52-week high over $14. ...

Shares of oil and gas majorConoco Phillips (COP) have nearly doubled over the last year thanks to strong oil and gas prices. One trader sees further upside ahead for the company. That’s based on the September $120 calls. With 24 days until expiration, 12,135 contracts traded compared to a prior open interest of 218, for a 56-fold rise in volume on the trade. The buyer of the calls paid $0.61 to make the bet. Shares recently traded around $105, so they would need to rise $15 for the option to move in-the-money. With a 52-week high of $124, such a move is possible. However, it’s more likel...

Shares of commodity producerFreeport-McMoRan (FCX) have been sliding in recent weeks, on signs of cooling inflation. One trader sees the possibility for a further decline in the coming weeks. That’s based on the September 9th $27 put options. With 18 days until expiration, 2,905 contracts traded compared to a prior open interest of 127, for a 23-fold rise in volume on the trade. The buyer of the puts paid $0.24 to make the bet. Shares recently traded just over $31, so they would need to drop $4, or about 13 percent for the option to move in-the-money. The stock has a 52-week low of $...

Shares of financial giantBank of America (BAC) are down 10 percent over the past year. One trader sees the potential for the stock to continue its recent rally into 2023. That’s based on the February $43 calls. With 182 days until expiration, 3,632 contracts traded compared to a prior open interest of 138, for a 26-fold rise in volume on the trade. The buyer of the calls paid $0.83 to make the bullish bet. Shares recently traded around $36.50, so the stock would need to rise about 18 percent for the option to move in-the-money. The bank has seen a 33 percent drop in earnings in th...

Shares of ecommerce vehicle sales platformCarvana (CVNA) have lost 85 percent of their value in the past year. One trader is betting that the company will continue to slide lower. That’s based on the October $40 puts. With 64 days until expiration, 20,786 contracts traded compared to a prior open interest of 458, for a 45-fold surge in volume on the option. The buyer of the puts paid $4.05 to make the bet. Shares recently traded for around $55 per share, so they would need to drop about $15, or about 27 percent, for the option to move in-the-money. That would still leave shares nearl...

Shares of ride share companyUber (UBER) have rebounded strongly off their annual lows in the past few weeks. One trader sees the possibility for some downside ahead. That’s based on the September 23 $27 put. With 37 days until expiration, 4,491 contracts traded compared to a prior open interest of 103, for a 44-fold rise in volume on the trade. The buyer of the puts paid $0.44 to bet on a further downside in shares. The stock last traded near $32.50, so shares would need to fall nearly 20 percent for the option to move in-the-money in the next few weeks. The stick price is still well...

Shares of tech giantMicrosoft (MSFT) have rebounded nicely with the overall stock market in recent weeks. One trader sees the stock trending down next. That’s based on the December $300 put. With 122 days until expiration, 4,011 contracts traded compared to a prior open interest of 116, for a 35-fold rise in volume on the trade. The buyer of the puts paid $21.28 to bet on a drop in shares. Microsoft recently traded for about $292, so shares are already about $8.00 in-the-money. With a 52-week low of about $242, a retest of that low in the coming weeks could lead to the option returni...

Shares of consumer tech giantApple (AAPL) have rebounded strongly in the past few weeks along with the overall market. One trader is betting on a move lower in the coming months. That’s based on the December $170 put. With 123 days until expiration, 35,402 contracts traded compared to a prior open position of 890, for a 40-fold surge in volume on the trade. The buyer of the puts paid $11.33 to make the trade. Shares recently traded around $168, making the option trade slightly in-the-money. Shares have a 52-week low of $129, set back in June, so a retest of that low could lead to big...