Options Traders Blast Boeing Stock on Fresh Emirates Order

BA options volume is running at triple what is normally seen at this point

Digital Content Manager
Nov 15, 2021 at 10:42 AM
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Boeing Co (NYSE:BA) is up 3.8% at $229.33 at last check, after Emirates ordered two 777 Freighters to be delivered in April and June 2022. Plus, Saudi Arabian Airlines is in talks with the company for a wide-body jet order, with a decision expected next year. According to Senior Vice President of Commercial Sales and Marketing Ihssane Mounir, commercial flying has achieved a "strong foothold" after Covid-19 lockdowns.

The last time we checked on Boeing stock, the blue-chip aerospace icon was dipping after a multi-billion sale to Ryanair fell apart. BA's 5.4% November gains are helping the shares distance themselves from their year-to-date breakeven level. Despite today's pop, the stock's 200-day moving average is keeping a lid on the gains, though BA sports a 22.2% year-over-year lead. 

The options pits show a fierce appetite for calls. This is according to BA's 10-day call/put volume ratio of 4.15 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than all readings from the past year. So not only are calls outnumbering puts by a more than four-to-one ratio, but the high percentile means calls have been getting picked up at a much faster-than-usual pace in the last year.

Drilling down to today's options activity, 143,000 calls and 29,000 puts have crossed the tape, which is triple the intraday average. Most popular by far is the November 230 call, followed by the 235 call in that series, with new positions being opened at both. In other words, these buyers expect more upside for BA by the time these contracts expire at Friday's close.

 

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