AMC Stock Brings Options Bulls Head First, Fearless

Call traders are ready to watch AMC begin again

Digital Content Manager
Oct 13, 2023 at 10:33 AM
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Investors hoped AMC Entertainment Holdings Inc (NYSE:AMC) would enter its own renaissance period after Beyoncé announced the movie theater name would distribute her "Renaissance World Tour," but it's time for a new era. Taylor Swift attended the premiere of her "Eras Tour" movie yesterday, which was moved up a day early amid "unprecedented" ticket demand. 

AMC is shaking it off, though, last seen down 3.3% at $10.63. The security had a cruel summer, with a massive bear gap in late August ultimately culminating in a Sept. 11, all-time low of $7.05. It's still all too well on a quarter-to-date basis, however, with shares up 34.4%.

Options bulls just want to stay in that lavender haze. Back at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock currently sports a 10-day call/put volume ratio of 2.40 that sits the 85th percentile of readings from the past 12 months. This indicates calls are getting picked up at a quicker-than-usual clip.

The "Eras Tour" premiere only has more bulls saying yes to this love story. So far today, 48,000 calls have crossed the tape, which is double the intraday average volume. Never going out of style is the weekly 10/13 11-strike call, where positions are being opened.

 

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