Options markets are flashing defensive signals on several high-profile names this Friday, with earnings catalysts and negative headlines driving unusual put positioning.
SNOW stands out the most. The cloud data firm reports earnings imminently, and its options chain shows heavy put open interest skewed toward near-term expiries. Strikes between $80 and $105 carry the deepest put OI clusters. This aligns with ORTEX noting that traders are building a protective hedge into the print. The September 18 expiry also has elevated open interest, suggesting some players are positioned for a longer-term move lower.
NKE is another name drawing attention. Earnings are due this week alongside a high-profile analyst spotlight. The shoe giant's options chain shows tight spreads and solid open interest out to August expiry. SI % of FF sits at just 4.1%, so the puts here look more like earnings hedges than conviction short plays.
TSLA faces fresh pressure today. Analyst Ross Gerber publicly questioned Elon Musk's strategy, calling on him to "consider selling EVs again." The stock is sliding. SI % of FF is 2.9%, but near-dated expiries through June 26 and July carry active positioning. TSLA has daily options expiring every weekday — gamma risk is significant.
UAL and airline peers are seeing renewed options interest after Barclays made bullish calls on the sector. Call activity dominates near-term expiries, a shift from the cautious positioning seen earlier this quarter.
With today marking a monthly options expiration day, elevated pin risk and vol crush are likely across the board.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
