Option Movers | Intel Shows Strong Bullish Sentiment; Traders Are Selling Micron's $162.5 Calls
U.S. stocks closed lower for a second straight session on Wednesday (Sept 24), as investors booked profits with indexes near record levels after Federal Reserve Chair Jerome Powell flagged potentially stretched stock prices and ahead of a reading on inflation later in the week.
Regarding the options market, a total volume of 56,251,045 contracts was traded on Wednesday, call ratio accounted for 62%.
Top 10 Option Volumes
Top 10: $TSLA(TSLA)$; $NVDA(NVDA)$; $OPEN(OPEN)$; $INTC(INTC)$; $AAPL(AAPL)$; $AMZN(AMZN)$; $MU(MU)$; $BABA(BABA)$; $AMD(AMD)$; $PLTR(PLTR)$
Source: Tiger Trade App
$Intel(INTC)$ stock closed up 6.4% at $31.22 on Wednesday and was nearly 4% higher in premarket trading on Thursday. Bloomberg reported that the chip maker had approached $Apple(AAPL)$ asking for an investment.
The article cited people familiar with the matter, noting that talks have been in an “early stage” and may not lead to a deal. The chip maker has recently been raising capital from a variety of sources. Last week, Intel announced a new partnership with Nvidia, part of which entails Nvidia investing $5 billion in Intel stock.
A total number of 1.1 million options related to $Intel(INTC)$ was traded on Wednesday, of which call options accounted for 72%. Market sentiment for Intel is quite bullish. Based on option delta volume, traders bought a net equivalent of 860,369 shares of Intel stock. The largest bullish delta came from buying calls.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
$Micron Technology(MU)$ went into its latest earnings report with investors looking for clues on capacity and pricing in the memory-chip space. But even though the company delivered next-quarter guidance and a gross margin forecast that exceeded expectations, its shares dropped 2.8% on Wednesday.
One issue is that Micron’s stock was up 41% on the month going into the report, which meant the company had to live up to high expectations. But TD Cowen analysts noted that perhaps investors are also fearful that Micron’s strong beat is reminiscent of April 2021, when the stock peaked during an upcycle.
Based on option delta volume, traders sold a net equivalent of -178,231 shares of $Micron Technology(MU)$ stock. The largest delta volume came from the 26-Sep-25 162.50 Call, with traders getting short 101,415 deltas on the single option contract.
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: $INTC(INTC)$; $MRK(MRK)$; $GOOGL(GOOGL)$; $WMB(WMB)$; $HOOD(HOOD)$; $KHC(KHC)$; $TSLA(TSLA)$; $BMY(BMY)$; $C(C)$; $SLB(SLB)$
Top 10 bearish stocks: $AMD(AMD)$; $NVDA(NVDA)$; $PLTR(PLTR)$; $AMZN(AMZN)$; $MU(MU)$; $CMG(CMG)$; $BA(BA)$; $GOOG(GOOG)$; $PFE(PFE)$; $ORCL(ORCL)$
Source: Market Chameleon
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