Options Traders Rush Big Bank Stock After Earnings

JPM options volume is running at 13 times the intraday average

Deputy Editor
Oct 13, 2023 at 10:19 AM
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Shares of JPMorgan Chase & Co. (NYSE:JPM) opened Friday 1.8% higher after the major financial institution reported third-quarter earnings and revenue that topped analysts' expectations. Specifically, the bank reported a 35% surge in profit to $4.33 per share on revenue of $40.69 billion -- a 21% jump driven by record high net interest income.

JPM's gains are accelerating as the day heats up, last seen 4.5% higher at $152.37 and heading for its highest close since Aug. 14. Year over year, JPM is up 36.6%, while the stock's 200-day moving average has helped stage today's bounce by containing an early-month drawdown.

Options traders are coming out of the woodwork to speculate on the stock's next moves. So far, 52,000 calls and 24,000 puts have crossed the tape, volume that's 13 times what is normally seen at this point. New positions are being opened at the top three most popular contracts, led by the weekly 10/13 150-strike call that expires at the close today.  

A broader look shows that bullish bets have been the more popular pick of late. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), JPM sports a 10-day call/put volume ratio of 1.82 sits higher than 85% of readings from the past year.



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