Unusual Options Activity

Shares of electric truck manufacturer Nikola Corporation (NKLA) are down 80 percent over the past year. One trader sees a further decline ahead. That’s based on the January 2024 $2 puts. With 379 days until expiration, 40,037 contracts traded compared to a prior open interest of 967, for a 41-fold rise in volume on the trade. The buyer of the puts paid $1.08 to make the bearish bet. Shares recently traded for about $2.20, so the stock would need to drop about ...
Read More

Shares of drug manufacturer Novartis (NVS) are slightly up over the past year. One trader sees a further rally occurring in the first half of the year. That’s based on the July $85 calls. With 197 days until expiration, 3,071 contracts traded compared to a prior open interest of 119, for a 26-fold rise in volume on the trade. The buyer of the calls paid $8.30 to make the bullish bet. Shares recently traded just under $91, meaning the options are more ...
Read More

Shares of oil and gas major Occidental Petroleum Corporation (OXY) are up 112 percent over the past year. One trader sees a pullback coming in the next 18 months. That’s based on the June 2024 $50 puts. With 534 days until expiration, 5,001 contracts traded compared to a prior open interest of 101, for a 50-fold rise in volume on the trade. The buyer of the puts paid $6.45 to make the bet. Occidental shares recently traded for about $62, so the ...
Read More

Shares of analytics software company MicroStrategy (MSTR) are down 75 percent over the past year, largely due to the company’s decision to leverage up its balance sheet to buy Bitcoin. One trader sees a modest rebound in the coming weeks. That’s based on the January $160 calls. With 18 days until expiration, 4,737 contracts traded compared to a prior open interest of 199, for a 24-fold rise in trading volume. The buyer of the calls paid $3.65 to make the bet. Shares ...
Read More

Shares of consumer tech giant Apple (AAPL) hit a new 52-week low this week. One trader sees shares rebounding in the coming weeks. That’s based on the January 20 $127 calls. With 21 days until expiration, 10,526 contracts traded compared to the prior open interest of 253, for a 42-fold jump in volume on the trade. The buyer of the calls paid $4.78 to make the trade. Apple shares recently traded for just over $126, making this an at-the-money trade. A sizeable ...
Read More

Shares of payment company Bill.com Holdings (BILL) are down nearly 60 percent over the past year amid a slowdown in online payment processing. One trader sees a further decline ahead. That’s based on the February $120 puts. With 50 days until expiration, 10,116 contracts traded compared to a prior open interest of 194, for a 52-fold rise in volume on the trade. The buyer of the puts paid $23.65 to make the bearish bet. Shares recently traded for about $103, leaving the ...
Read More

Shares of silver mining company Pan American Silver Corp (PAAS) have shed one-third of their value over the past year. One trader sees the stock moving higher in the next few weeks. That’s based on the February $20 calls. With 51 days until expiration, 5,297 contracts traded compared to a prior open interest of 135, for a 39-fold increase in volume on the trade. The buyer of the calls paid $0.38 to bet on a rally. The stock recently traded for just ...
Read More

Shares of theater chain AMC Entertainment Holdings (AMC) have shed 80 percent of their price over the past year as the company has lost its luster as a “meme stock.” One trader sees a further decline ahead for shares. That’s based on the April $3 puts. With 114 days until expiration, 15,957 contracts traded compared to a prior open interest of 104, for a staggering 153-fold rise in volume on the trade. The buyer of the puts paid $1.43 to make ...
Read More