Shares of American Eagle Outfitters (NYSE:AEO) are plummeting today, down 13.7% at $17.73 at last look. The retailer's third-quarter earnings of 48 cents per share came in two cents above estimates, though revenue missed the mark. The company also lowered its annual sales forecast and expects current-quarter comparable sales to rise 1% -- below analysts' expectations of 2.2%. 

In response, J.P. Morgan Securities downgraded AEO to "neutral" from "overweight," with a price-target cut to $23 from $27. Several other analysts lowered their price objectives as well, but the 12-month consensus price target of $22 is still a 23.4% premium to current levels. 

Options bears are chiming in as well, with 24,000 puts exchanged so far in comparison to 6,783 calls -- 15 times the overall options volume typically seen at this point. The January 24, 2025 15-strike put is the most popular by far, with new positions opening there. 

The negative price action has AEO moving back down toward its Nov. 21, 52-week low of $16.88. Should this negative price action hold, shares will notch their worst single-session dip since November 2023 and their first loss in the last six sessions. Since the start of the year, the equity is down 16.5%. 

Cannabis stocks are continuing their recent rally, as legalization support continues to build in the U.S and overseas. Since last week, investors have been eyeing Germany in particular, where possession of marijuana will be legalized April 1, making it the third country in the European Union (EU) to do so. 

The shares of Tilray Brands Inc (NASDAQ:TLRY) are up 9.3% at $2.35 at last glance, completely recovering from yesterday's dip following last week's massive 33.5% rise. Tilray's subsidiary 10 Barrel Brewing also unveiled its newest ready-to-drink canned cocktails today. 

Options bulls are blasting TLRY amid the reports. So far, 114,000 calls have been exchanged in comparison to 17,000 puts, with overall options volume already at 3 times the average daily volume. The weekly 3/28 2.50-strike call is the most popular by far, with new positions being opened there. 

Canopy Growth Corp (NASDAQ:CGC) stock is soaring even higher, up 16.5% at $7.22 at last glance, and earlier as high as $8.24. CGC added a whopping 149.7% last week, breaking above long-term pressure at its 200-day moving average on Friday. Since the start of the year, the equity is up 42.3%. 

CGC has already seen 5 times its average daily options volume, with 84,000 calls and 24,000 puts across the tape so far. The weekly 3/28 8-strike call is the most active contract, with new positions being bought to open there. 

Options traders are targeting Altimmune Inc (NASDAQ:ALT), as the stock shoots for its 11th-straight win. CEO Vipin Garg told Reuters on Tuesday that the weight-loss drug developer is open to deals with larger companies and is actively looking for partners as it develops its experimental obesity drug. Upbeat mid-stage trial data gave the stock a boost a week ago, and the stock is up roughly 120% since the start of this month already. 

Options bulls appear hopeful that the company will be scooped up, with 34,000 calls exchanged so far today compared to 7,828 puts. Overall options volume is already at 5.6 times the average daily amount. The weekly 12/15 10-strike, 9-strike, and 8-strike calls are the most popular contracts, with new positions being opened at all three. 

Analysts are similarly bullish, with six of the seven in coverage carrying a "strong buy" rating. Plus, the 12-month consensus price target of $22.29 is a hefty 215% premium to current levels. 

At last glance, ALT was up 2.8% to trade at $7.07, earlier hitting a peak of $8.63 -- its highest level since its March bear gap. The stock is also grappling with its significant 320-day moving average after breaking above it earlier. 

The shares of C3.ai Inc (NASDAQ:AI) are surging today, up 13.6% to trade at $27.23 at last glance, on track for their best single-session gain since June 13. Although there's no specific catalyst, today's positive price action could be a halo lift thanks to strong earnings from data technology peer Palantir Technologies (PLTR). The breakout could also be shorts getting squeezed, considering a whopping 37.8% of the stock's total available float is sold short.

Either way, options traders are chiming in on the move. So far today, 77,000 calls and 45,000 puts have been exchanged, which is 2.6 times the average daily options volume already. The November 20 put is the most popular, followed by the weekly 11/10 28-strike call, with new positions opening at both. 

These options traders are in luck, too. AI's Schaeffer's Volatility Index (SVI) of 70% ranks in the low 6th percentile of its annual range, meaning options traders are pricing in relatively low volatility expectations at the moment. 

C3.ai stock has been consolidating around the $25 level since mid September, but still sports a hefty 144.5% year-to-date gain. The stock's 60- and 200-day moving averages appear to be keeping a cap on today's rally, while its 320-day moving average lingers below as support. 

Redburn Atlantic upgraded Norwegian Cruise Line Holdings Inc (NYSE:NCLH) and Carnival Corp (NYSE:CCL) to "buy" today. For CCL, the firm noted that improvement in European trading has boosted its outlook, while NCLH has benefited from reduced cost inflation expectations. The analyst also stated that the current pricing of cruises is at an almost 40% discount to leisure hotels. 

At last glance, NCLH was up 5.3% to trade at $17.23. The stock has been sliding on the charts, posting weekly losses in five out of the past six weeks, though support at its 180-day moving average seems to have caught the extended pullback. Since the start of the year, the equity is still up 40.9%. 

Carnival stock, meanwhile, is up 4% at $15.63. CCL has been falling since its July 5, 52-week of $19.55, though still up an impressive 93.1% in 2023. The security's overhead 20- and 80-day moving averages are converging as lines of pressure on the charts, however. 

Options bulls are targeting both equities today. So far, CCL has seen 59,000 calls cross the tape -- double the intraday average amount -- compared to 20,000 puts. The September 16 and 15.50 calls are the most popular, with new positions opening at the weekly 9/22 16-strike call. In NCLH's options pits, 20,000 calls have been exchanged, which is triple the amount typically seen at this point, though the most active contract is the September 17 put. 

Sea Ltd (NYSE:SE) is plummeting today, after the company's second-quarter revenue miss amid weak e-commerce sales. At last glance, SE was down 29.1% at $40.33, and earlier marked a three-year low of $40.11. 

The software name is one of the top three most popular stocks in the options pits today, landing itself on the short sell restricted (SSR) list. So far, Sea stock has seen 130,000 calls and 176,000 puts exchanged, which is already 13 times the average daily options volume. The September 40 and 35 puts are the most active, with new positions being opened at both. 

Options bulls were chiming in at full force in the 10 weeks leading up to earnings, and many could be losing out today. The security's 50-day call/put volume ratio of 4.21 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year. 

Year-to-date, the equity is now down 22.8%. The $40 level, which also caught the stock's November lows, appears to be keeping losses in check, however. 

Sage Therapeutics Inc (NASDAQ:SAGE) is crumbling to record lows today, down 52.2% at $17.25 at last check, earlier hitting a low of $16.69. The U.S. Food & Drug Administration (FDA) approved its drug, Zurzuvae, for postpartum depression (PPD), but failed to approve it to treat major depressive disorder (MDD). The biotech name also announced worse-than-expected second-quarter results, and a host of analysts downgraded the shares, including Oppenheimer, RBC, Wedbush, BofA Global Research, and Stifel. 

Options traders appear to be buying in on the dip. So far, 18,000 calls and 5,709 puts have been exchanged, which is already 4.3 times the average daily options volume. The September 17.50 call is the most active contract, with new positions being opened there. 

Vistagen Therapeutics Inc (NASDAQ:VTGN) is soaring to 52-week highs, after its social anxiety treatment -- a nasal spray called fasedienol -- met its main goal in a late-stage study. VTGN is up 835.1% at $15.71 at last glance, and earlier hit a peak of $24.71. Options traders are typically fairly scarce in regard to VTGN, but today, 23,000 calls and 11,000 puts have crossed the tape. The August 3 call is the most popular, with new positions being bought to open there.

Today, 42 S&P 500 Index (SPX) members are hitting fresh peaks. Along with tech giant Meta Platforms (META), several of these stocks are getting a boost from their strong earnings results. 

Comcast Corp (NYSE:CMCSA) hit a 52-week high of $46.44 today, after the company posted better-than-expected second-quarter results. CMCSA overcame pressure at the $42 level earlier this month, and is currently on track for its third-straight week of gains. Year-to-date, the equity is up 30.4%. So far in the options pits today, the stock has seen 40,000 calls and 17,000 puts exchanged, which is four times the average daily options volume. The October 47.50 call is the most active contract, followed by the January 2024 45-strike call. 

Royal Caribbean Cruises Ltd (NYSE:RCL) is trading at its highest levels since before the pandemic, earlier hitting a more than three-year high of $112.08. The cruise line posted record revenue for the second quarter and lifted its full-year forecast due to strong travel demand. Options traders appear to be betting on a pullback, however, as 95,000 puts have crossed the tape so far, compared to 25,000 calls, with overall options volume already at eight times the average daily volume. The January 2024 60-strike put is the most active, with new positions being opened there. 

Homebuilding name PulteGroup Inc (NYSE:PHM) managed to snag a record high of $86.01 earlier today. The company posted strong second-quarter results on Tuesday, though several analysts didn't chime in with price-target hikes until today. In total, 12 firms lifted their price objectives, with the highest from J.P. Morgan Securities to $115 from $87. Headed for its fifth-straight day of gains, PHM is up 86% year-to-date. 

Salesforce Inc (NYSE:CRM) is at the bottom of the Dow today, down 3.8% to trade at $213.94 at last glance. The company announced its slowest revenue growth since 2010 as companies cut back on cloud-based software offerings. This news has the stock brushing off its better-than-expected first-quarter results and no fewer than 16 price-target hikes from analysts.

Falling from last session's more than one-year high of $225.00, Salesforce stock is still up an impressive 62.1% year-to-date. The shares are also well above recent support at the 40-day moving average. 

So far today, 166,000 calls and 89,000 puts have been exchanged, which is 4.4 times the usual daily volume. The weekly 6/2 220-strike and 215-strike calls are the most active contracts, with new positions being opened at both. 

Options bulls were targeting CRM leading up to the earnings event as well. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 1.95 ranks higher than 84% of readings from the past year. 

Earlier today, Chipotle Mexican Grille Inc (NYSE:CMG) stock soared to a record high of $2,047.31 after the restaurant chain's first-quarter earnings and revenue exceeded analyst expectations. CMG is currently up 14% to trade at $2,028.77, after no fewer than 19 analysts hiked their price targets. Since the start of the year, the equity is up 46.3%. 

Unsurprisingly, CMG is seeing an influx of options activity, with 34,000 calls and 29,000 puts exchanged so far, volume that's already 7.2 times the average daily amount. The weekly 5/5 2,100- and 2,030-strike calls seeing the most activity. 

Calls were popular leading up to the earnings event, per CMG's 10-day call/put volume ratio of 1.24 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 94% of readings from the past year. 

The shares of Biomea Fusion Inc (NASDAQ:BMEA) are soaring today, up 88.1% at $29.03 at last glance and earlier hitting a record high of $29.49, all of which contributed to an impressive 243.9% year-to-date lead. The biotech name reported promising data from a mid-stage study of its diabetes therapy, BMF-21, after which Piper Sandler lifted its price target to $40 from $16. 

Options traders are blasting BMEA in response, with 2,482 calls and 5,046 puts exchanged so far, or 15 times the intraday average. The April 30 call and 15 put are the most popular, with new positions opening at both. 

Analysts are wholeheartedly bullish on Biomea Fusion stock, with all six firms in coverage carrying a "strong buy" rating. The 12-month consensus price target of $30.17 is a slim 4.2% premium to current levels, though, indicating additional bull notes may be on the horizon.

Stocks are rebounding as Wall Street continues to unpack yesterday's interest rate hike, with investors considering the Fed's policy for the rest of the year. In the meantime, here are three stocks making big moves today. 

Hindenburg Sends Block Stock Tumbling

Block Inc (NYSE:SQ) is down 14% at $62.47 at last glance, earlier trading as low as $56.50 after notorious short seller Hindenburg Research published a new position on the stock, saying it has "wildly overstated its genuine user counts and has understated its customer acquisition costs." Year-over-year, the equity is down 56.3%, currently trading around its year-to-date breakeven level. 

So far today, 334,000 calls and 330,000 puts have been exchanged, which is already 5.6 times the stock's typical daily volume. The Weekly 3/24 65-strike call is the most active contract, with new positions being opened there as well as the next 33 most popular positions. 

Riot Stock Jumps Alongside Crypto

Conversely, Riot Platforms Inc (NASDAQ:RIOT) is soaring today, up 17.2% at $9.48 at last check, as the shares enjoy tailwinds from the cryptoverse. Bitcoin (BTC) is staging a rebound, while several other cryptocurrencies move higher as well. Now trading at its highest level since August, RIOT is up 178.2% year-to-date. 

Options traders are targeting the security at double the intraday average, with 111,000 calls and 50,000 puts across the tape so far. The weekly 3/24 9-strike call is the most active, with new positions opening there. 

Options Traders Target Netflix Stock Bounce

Netflix Inc (NASDAQ:NFLX) is up 7.6% at $316.24 at last glance, and at the top of the S&P 500 Index (SPX) today. A report from YipitData said the company's gross additions have improved in Canada. Plus, the streaming name has ramped up its content investments. On the charts, long-term support at the 140-day moving average kept this month's pullback in check. Plus, today's jump has NFLX moving back above its year-to-date breakeven level. 

Options traders are chiming in on today's bounce, with 205,000 calls and 193,000 puts exchanged so far -- double the intraday average amount. The weekly 3/24 320-strike call is the most active, with new positions being opened there.