Unusual Options Activity, Fri 5/19/23

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:

• RRC May 30 calls (volume: 1540, open int: 170, implied vol: ~85%, prev day implied vol: 60%). Stock was upgraded to Buy from Neutral at Mizuho; tgt raised to $35. Co is expected to report earnings late July.
• IMGN Jun 15 calls (volume: 3630, open int: 560, implied vol: ~75%, prev day implied vol: 53%).  1050 contracts traded in a single transaction. Co is scheduled to present at a ASCO on June 2. Co is expected to report earnings late July.
• NIO May 7.5 calls (volume: 18.8K, open int: 18.5K, implied vol: ~105%, prev day implied vol: 96%). 3K traded in a single transaction. Co and Autoliv to develop safety technology for future electric vehicles. Co is confirmed to report earnings June 9 before the open.
  

Bearish Put Activity:

• MDB May 290 puts are seeing interest with the underlying stock down 5% (volume: 1800, open int: 40, implied vol: ~87%, prev day implied vol: 56%). Co is confirmed to report earnings June 1 after the close.
• PCG May 16.5 puts (volume: 1650, open int: 0, implied vol: ~26%, prev day implied vol: 23%).  Co is expected to report earnings early August.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.82, VIX: (16.80, +0.75, +4.7%).
June 16 is options expiration -- the last day to trade June equity options.