Tesla Options Volume Pops as Stock Nosedives; Tahoe Resources Hits Record Low

Tesla stock is trading in bear-market territory

Managing Editor
Jul 6, 2017 at 2:52 PM
facebook X logo linkedin


U.S. stocks are lower today, taking in losses as the tech sell-off resumes. Among the stocks feeling the heat are electric vehicle maker Tesla Inc (NASDAQ:TSLA), mining stock Tahoe Resources Inc (NYSE:TAHO), and department store name Macy's Inc (NYSE:M). Here's a quick look at what's moving shares of TSLA, TAHO, and M.

Tesla Stock Tumbles Into Bear-Market Territory, Options Volume Soars

Tesla stock is down 6% to trade at $307.88, setting the car manufacturer up for its worst week in 10 months. Weighing on the stock are concerns about the Model S, after the Insurance Institute for Highway Safety gave the vehicle a lower-than-expected "Acceptable" safety rating. This comes just a day after delivery concerns hit the stock. Since hitting its all-time high of $386.09 on June 23, the stock has plunged roughly 20% -- sending TSLA shares into bear-market territory.

Tesla stock volume is pacing for an annual high, and in the options pit, traders are in a frenzy. Over 350,000 contracts have traded today, twice the normal amount, and on pace for the 99th percentile of its annual range. Digging deeper, about 162,000 calls and 192,000 puts have been traded, with much of the attention directed toward weekly 7/7 options. 

Tahoe Resources Reeling After Court Ruling

Tahoe Resources stock is down 32% to trade at $5.65, and just hit a record low of $5.12, after after the company's mining license in Guatemala was suspended. Tahoe plans to appeal the suspension, which was brought down by the lower Guatemalan court. No fewer than six brokerage firms slashed their price targets on TAHO, and BMO, National Bank of Canada, and TD Securities all downgraded the stock to the equivalent of "hold." Tahoe Resources is currently short-sale restricted, and has given up 39% year-to-date. 

Macy's Stock Slips; Eaton Vance Warns On Department Stores

Macy's stock is down 2% to trade at $23.06, after an Eaton Vance officer opined that department stores "are heading toward zero," and will "continue to struggle under the threat of Amazon," which recently announced a Prime fashion service. It's already been a rough year for M stock, which has shed nearly 36% year-to-date, and recently fell to a near seven-year low of $21.51 on June 22.

Most analyst are already wary of M stock. Of the 12 brokerages covering Macy's stock, nine rate it a "hold." Short sellers seem to echo this, with short interest increasing by a whopping 95% over the last two reporting periods.
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI