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Most Active Options Update: Tesla Motors Inc (TSLA)

TSLA option traders forecast additional gains through week's end

by 11/13/2013 2:34 PM
Stocks quoted in this article:

The 20 stocks listed in the table below have attracted the highest total options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Three names of notable interest this afternoon are Tesla Motors Inc (NASDAQ:TSLA), General Electric Company (NYSE:GE), and General Motors Company (NYSE:GM).

As General Electric Company maintains its upward trajectory, today's speculators appear to be buying to open weekly 11/22 27-strike calls. Meanwhile, in General Motors Company's options pits, the January 2014 37-strike call is the most active, after Goldman Sachs Group Inc (NYSE:GS) recommended the now in-the-money option to investors. At last check, more than 22,400 contracts had traded here. Finally, here's a closer look at where traders are expecting Tesla Motors Inc to finish the week.


Tesla Motors Inc is in the green today, after CEO Elon Musk said the company will not recall its Model S sedan, despite recent reports of the automobiles catching on fire. The electric car entrepreneur also suggested that "the stock should be a pretty good deal where it is right now." The positive price action has option traders targeting the November 140 call, as they anticipate more upside through week's end.

Around 8,300 of these at-the-money calls have changed hands, a healthy portion of which have done so on the ask side. Volume is outstripping open interest, and data from the International Securities Exchange (ISE) confirms that a portion of the day's activity is of the buy-to-open kind. The volume-weighted average price for the calls (VWAP) is $2.86, making breakeven $142.86 (strike plus VWAP), or 1.5% above the stock's current perch at $140.72.

With this being options expiration week, TSLA could find itself pinned to the $140 area in the near term, as heavy accumulations of open interest currently rest at both the November 140 call and put.


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