Unusual Options Activity, Wed 5/17/23

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:

• IQ May 6 calls (volume: 15.5K, open int: 3560, implied vol: ~109%, prev day implied vol: 92%). 3500 contracts traded in a single transaction. Co is expected to report earnings mid-June.
• FHN Jun 10 calls are seeing interest with the underlying stock up 5% (volume: 1500, open int: 0, implied vol: ~69%, prev day implied vol: 62%). Co is expected to report earnings mid-July.
• CRDO Aug 10 calls are seeing interest with the underlying stock up 10% (volume: 1960, open int: 0, implied vol: ~55%, prev day implied vol: 52%). Co is confirmed to report earnings May 31 after the close.
  

Bearish Put Activity:

• TAP May 62.5 puts (volume: 1890, open int: 640, implied vol: ~34%, prev day implied vol: 26%). Co is expected to report early earnings August.
• CHPT May 7.5 puts (volume: 20.2K, open int: 840, implied vol: ~75%, prev day implied vol: 71%).  We noted put activity yesterday (see 5/16 13:17). 20K traded in a single transaction. Co is confirmed to report earnings June 1 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.94, VIX: (17.10, -0.90, -5.0%).
This week is options expiration -- Friday, May 19th is the last day to trade May equity options.