The automaker cited “different views” between its former CEO and board of directors
Shares of Stellantis NV (NYSE:STLA) are down 7.8% to trade at $12.17 at last glance, after CEO Carlos Tavares abandoned his role on Sunday amid struggling Jeep and Ram sales. The automaker -- which is also the parent of Peugeot and Fiat -- noted “different views” between Tavares and its board of directors, and expects to replace him in the first half of 2025.
Shares earlier gapped to a fresh two-year low of $12.13, and are pacing for their worst single-day percentage loss since September. The security has struggled with overhead pressure from the 60-day moving average since April, and carries a 47.7% year-to-date deficit.
Despite this underperformance, options traders lean bullish. This is per the equity's 10-day call/put volume ratio of 3.74 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that ranks in the 80th percentile of annual readings.
Drilling down to today's options activity, 5,228 calls and 4,802 puts have exchanged hands, which is triple the intraday average volume. The most popular contract is the December 11 put.