Weeklies Pop on BUD, GPRO Stocks

Many new options positions are opening on BUD and GPRO

Oct 1, 2019 at 2:54 PM
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Anheuser-Busch Inbev NV (NYSE:BUD) is trading down 2.2% today at $93.07, but some options traders apparently are expecting a quick turnaround. The weekly 10/4 series is popular, and on the call side new positions are opening at the 95.50-, 96-, and 96.50-strikes. Those buying the calls expect BUD shares to move higher by the close this Friday, Oct. 4, when the weeklies expire.

bud stock oct 1

Call buying was popular coming into today, with the 10-day call/put volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) coming in at 5.86. Not only does this show almost six long calls for every put in the past 10 days, but it ranks in the 91st annual percentile, indicating such demand is uncommon.

Another name seeing weekly options trading is GoPro Inc (NASDAQ:GPRO). The company just unveiled some new cameras, and the stock is trading up 2.5% at $5.32. New positions are opening at the weekly 10/4 5.50-strike call, while the 6-strike call is also seeing likely buy-to-open activity.

Near-term open interest was already call-skewed coming into today, based on the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.57, which ranks in the 10th annual percentile. Peak front-month open interest also comes in at the October 6 call. The shares topped out just below this strike earlier today, but were last seen back below the 200-day moving average,

gpro stock oct 1

 

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