Call Traders Rush Walmart Stock After Stock Split

Options volume is running at four times the intraday average

Fernanda Horner

Digital Content Manager

Jan 31, 2024 at 10:41 AM

Walmart Inc (NYSE:WMT) announced a 3-for-1 stock split, which will be payable after the close on Friday, Feb. 23. The retailer also revealed plans to build or convert more than 150 stores, and will remodel 650 locations across 47 states and Puerto Rico over the course of the next 12 months.

Last seen up 0.8% at $166.86, WMT is on track for its fifth-straight daily win, as it closes in on its Nov. 15, record high of $169.94. Support stemming from the 20-day moving average has kept a handful of pullbacks in check since December, helping WMT to a 16.1% year-over-year lead.

So far today, 22,000 calls have already crossed the tape -- volume that is four times the intraday average amount -- compared to only 5,411 puts. The most active contract is the weekly 2/2 170-strike call, where new positions are currently being opened. Plus, the top five open interest positions are calls.

This optimism has been prevalent for the past 10 weeks. This is per the security's 50-day call/put volume ratio of 3.93 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.

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