Earnings Week Puts, FDA Calls Drive Options Flow

Options traders are positioning aggressively ahead of a busy week. Three distinct setups stand out Friday.

NIKE dominates earnings-driven options attention. The sneaker giant reports this week. Its nearest active expiry is July 2. Short interest sits at just 5.1% of free float. Availability of shares to borrow is a massive 915% of SI. That lopsided supply signals shorts are not the primary story. Options flow will instead hinge on whether earnings surprise analysts to the upside or down.

VRDN flipped to a call-heavy setup overnight. The FDA approved its thyroid eye disease drug Lumvoa late Thursday. The binary event has passed. Two expiries remain active — July 17 and August 21. Traders who owned pre-approval calls are now deciding whether to roll or take profits. Short interest at 13.8% of free float adds fuel to any squeeze.

WOLF sits at the bearish extreme. Short interest is 129.9% of free float. Availability of shares to borrow is effectively zero. The cost to borrow is 8.7% APR. Bears in the options market are active across eight expiries through September 18.

NVDA carries the most granular expiry calendar — 25 dates out to September. The chip giant has a $4.7 trillion market cap. Insider selling news circulated this week. AI model export curbs may be easing per Bloomberg. Near-dated flows through the June 29–30 expiries will reflect any repositioning before quarter-end.

This note is for informational purposes only and does not constitute financial advice.