Wall Street's main indexes closed lower on Thursday, with the S&P 500 and the tech-heavy Nasdaq sinking to three-week lows as nagging worries about the artificial intelligence trade weighed on technology stocks.
Regarding the options market, a total volume of contracts was traded on Thursday.
Top 10 Option Volumes
Top 10: Tesla, Nvidia, Apple, Palantir, Strategy, Broadcom, Micron, Amazon, Netflix, Oracle
Source: Tiger Trade App
Micron Technology stock surged over 10% on Thursday, the day after the memory chip maker reported better-than-expected earnings results and gave guidance that was significantly higher than expectations.
For the November quarter, the chip company reported earnings per share of $4.78, compared with Wall Street’s consensus estimate of $3.96. Revenue came in at $13.6 billion, which was above analysts’ expectations of $12.9 billion. For the current quarter, Micron forecast a revenue range with a midpoint of $18.7 billion, above analysts’ expectations of $14.3 billion.
“Outside of NVIDIA this was likely the best revenue/$ net income upside in the history of the U.S. semis industry,” Morgan Stanley analyst Joseph Moore wrote in a note to clients Thursday.
A total number of 735.88K options related to Micron was traded on Thursday, 3.2 times higher than the 90-day average trading volume. Market sentiment for Micron is quite bullish on Thursday. Based on option delta volume, traders bought a net equivalent of 726,262 shares of Micron stock. The largest bullish delta came from buying calls.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
CoreWeave shares jumped 4.85% on Thursday and continued to rise about 6% in premarket trading on Friday. The U.S. Department of Energy announced new partnerships with 24 companies (including CoreWeave)to advance the Genesis Mission, which is a national effort to use the power of artificial intelligence to accelerate discovery science, strengthen national security and drive energy innovation.
A total number of 359,313 options related to CoreWeave was traded on Thursday, of which 65% were put options. A particularly high open interest was seen for the $100 strike call options expiring March 20, 2026, with a total number of 80,185 unclosed options as of Thursday.
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: MSFT, AMZN, COIN, AVGO, TSLA, MU, COST, GOOGL, TGT, CHTR
Top 10 bearish stocks: NVDA, ORCL, META, UNH, INTC, WBD, PFE, AAPL, OXY, NFLX
Source: Market Chameleon
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