Uber Stock Hits 2-Year Peak on SPX Inclusion

Call traders are blasting the equity after the news

Deputy Editor
Dec 4, 2023 at 10:42 AM
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Uber Technologies Inc (NYSE:UBER) stock is 5% higher at $60.15 on news that the ride-hailing name is joining the S&P 500 Index (SPX). UBER, along with Jabil (JBL) and Builders FirstSource (BLDR), will replace Sealed Air (SEE), Alaska Air (ALK), and SolarEdge Technologies (SEDG) on the index. 

Today's bull gap has Uber Technologies stock trading at its highest level since April 2021, now boasting a more than 140.5% year-to-date lead. The security was already tearing higher on the charts, having won five-straight weeks, and is now pacing for its eighth win in 12 sessions.  

UBER calls are all the rage in the options pits this morning, with the 90,000 traded so far equating to seven times the intraday average volume. Most popular is the December 55 call, followed by the weekly 12/8 60-strike call.

Uber Technologies stock sports cheap options, too. This is per its Schaeffer's Volatility Index (SVI) readings of 41% that sits higher than just 20% if annual readings, implying that options players are pricing in relatively low volatility expectations at the moment. 

 

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