3 High-Profile Stocks Enjoying Tailwinds Today

Snap is expanding the scope of Snapchat

Managing Editor
Jun 24, 2021 at 2:31 PM
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Stocks are soaring this week, nabbing new records left and right. Among the names making notable moves today are Elon Musk's Tesla Inc (NASDAQ:TSLA), Snapchat parent Snap Inc. (NYSE:SNAP), and blue-chip Walt Disney Co. (NYSE:DIS). Here's a quick look at what's moving the shares of TSLA, SNAP, and DIS.   

Elon Musk Tweet Sends TSLA Over Key Trendline

Never shy of the spotlight, Tesla CEO Elon Musk drew headlines last night tweeted he would list his SpaceX venture once cash flow became predictable. In a follow-up tweet, Musk also said he would "do [his] best to give long-term Tesla shareholders preference." In response, Tesla stock is up 4.9% to trade at $686.78, on track to topple its 100-day moving average for the first time since April 26. The June outperformer is still down 2.6% year-to-date.

The stock looks to have been a good target for premium buyers in the past year, based on its Schaeffer's Volatility Scorecard (SVS) of 98 (out of 100). In other words, the shares have regularly made bigger moves than options traders were pricing in during the last 12 months.

SNAP Eyes Highest Close in Five Months

This morning, Universal Music Group (UMG) entered an agreement with Snap to allow Snapchat users access to UMG's catalog of music. In response, SNAP was last seen 4% higher to trade at $69.14, on track for its highest close in Feb. 25. Snap stock is now up 37.5% in 2021, and has staged a tidy bounce off its 160-day moving average back in mid-May.

Call traders are ramping up their activity today. At last check, over 150,000 calls have changed hands, volume that's double the average intraday amount and almost four times the number of puts traded. Leading the charge is the weekly 6/25 69-strike call, while the 70-strike call in the same series is in close pursuit.

Options Bulls Target Big Week for DIS

Walt Disney stock is up 1.3% to trade at $177.67, though the specific catalyst is unclear. DIS is still staring up at its year-to-date breakeven level though, as well as its descending 50-day moving average.

Call volume is heightened today. More than 76,000 calls have crossed the tape already, triple the average intraday amount. The weekly 6/25 180-strike is getting the most attention, with new positions being opened here. That $180 level would mean DIS has cleared its daunting year-to-date breakeven level. 

 

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