Delta Air Lines Stock Enjoying Travel Demand Tailwinds

Options volume is already running at six times the intraday average

Digital Content Manager
Jul 13, 2023 at 10:13 AM
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Delta Air Lines, Inc. (NYSE:DAL) reported better-than-expected second-quarter results before the bell, as demand for travel remains robust following the Covid-19 pandemic. The company also lifted its full-year profit forecast, with adjusted fiscal third-quarter profits now above analysts' expectations as well. At last check, DAL is up 2.4% to trade at $49.08.

The shares earlier scored a fresh two-year high, and are now eyeing their fourth win in five sessions, as they consolidate above the $47 region. The 20-day moving average has been supporting the security since mid-May, contributing to its healthy 45.9% year-to-date lead.

Though calls outpace puts on an overall basis, the latter have been more popular than usual. This is per Delta Air Lines stock's 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 93% of annual readings. This means an unwinding of pessimism could generate additional tailwinds.

Today's report could be already fueling that shift. In fact, 38,000 calls and 11,00 puts have already been exchanged, which is six times the intraday average volume. The most active contract is the 7/14 50-strike call, indicating these traders expect more upside by the close tomorrow.


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