Unusual Options Activity, Fri 5/12/23

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• CVNA May 11 calls  are seeing interest with the underlying stock down 11% (volume: 13.5K, open int: 580, implied vol: ~317%, prev day implied vol: 163%). 5030 contracts traded in a single transaction. Co is expected to report earnings early August.
• FHN May 10 calls (volume: 3280, open int: 120, implied vol: ~68%, prev day implied vol: 62%). Co is expected to report earnings mid-July.
• SFM May 38 calls (volume: 3260, open int: 0, implied vol: ~30%, prev day implied vol: 26%). Co is expected to report earnings early August.
• NRG Jun 33 calls (volume: 2370, open int: 20, implied vol: ~34%, prev day implied vol: 31%). 1080 contracts traded in a single transaction. Co is expected to report earnings late July.
  

Bearish Put Activity:

• PARA May 15 puts (volume: 1740, open int: 310, implied vol: ~91%, prev day implied vol: 54%).  1270 contracts traded in a single transaction. Co is expected to report earnings early August.
• PLAY May 25 puts (volume: 2240, open int: 10, implied vol: ~72%, prev day implied vol: 54%). Co is scheduled to present at an investor day on Tuesday, May 16. Co is expected to report earnings early June.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.90, VIX: (17.58, +0.65, +3.8%).
May 19 is options expiration -- the last day to trade May equity options.