Too Many Options – $TSLA, $SCTY, $SPWR

by Enis May 13, 2013 5:49 pm • Commentary

Elon Musk-related names dominated options volumes today, as TSLA and SCTY both ripped higher on near record volumes, and options volumes were similarly elevated.

  1. TSLA – Call to put ratio was at 1.3, and May call buying dominated volumes, as the stock is up 60% in 3 days.  The May 85 and May 90 calls both traded over 10k.
  2. SCTY – The stock rallied almost 25% ahead of its earnings number after the close, which actually missed, but the stock is only down 5.5% after hours.  The June 30 puts traded around 4500, and the May 35 calls traded more than 4k as well.
  3. SPWR – Solar names were active in general.  The May 20 and May 16 calls both traded over 3k on the day.  Stock has doubled in the past 6 weeks.
  4. TSL – TSL has been a laggard in the solar sector on a relative basis, but was stronger the past 2 days.  Looks like someone rolled up the June 4 and 4.5 puts up to the June 5 put strike, about 20k in total.
  5. HPQ – Looks like someone sold the Jan15 10 / 17 call spread to close at $5.50, and bought the Jan15 17 put to open for $2.15
  6. DNR – Buyer of 13k of the Sept 20 calls for around 0.5275.  Stock has not traded above 20 for more than a year.
  7. AAPL – Light volume today.  Call to put ratio around 1.45, and the weekly 460 and 455 calls both traded above 20k.
  8. BAC – The weekly 13 calls (with 176k of open interest) traded around 35k at an average price of 0.175
  9. JPM – The June 45 / 50  risk reversal traded around 25k times for about $0.70 on the day, possibly a collar for protection.
  10. BKS – The Jul 18 / 23 call spread traded around 3k times at $2.90, which could be someone rolling up their long call exposure in the name.