Calls Stack Up Before Earnings Deluge

Options traders are positioning hard ahead of a busy earnings week. The signals are clear: call buyers are dominant in several names, while one cannabis stock is flashing unusual activity.

TLRY is the loudest story. Options activity in Tilray Brands has spiked sharply ahead of Thursday's earnings print. Short interest sits at 15.5% of free float. Availability of shares to borrow is just 18.5% of SI — a tight setup. That combination makes any options squeeze potentially violent.

CHTR is seeing bulls load up calls even as analysts trim targets. Charter Communications carries 25.5% SI as free float — among the highest of any large-cap stock. Bulls are fighting back against heavy short positioning. The stock has a $16 billion market cap and cheap cost to borrow at 0.43%.

MCB is another name drawing call activity. Insiders are selling, yet options traders are buying calls in Metropolitan Bank. That divergence is worth watching. Short interest is a modest 5.6% of free float.

KNSL heads into its Q2 print with bears retreating. Kinsale Capital has 11.7% of free float sold short. Put sellers are stepping back. That signals bears lack conviction heading into results.

SLM rounds out the bullish options theme. Sallie Mae shorts are retreating. SI stands at 9.4% of free float. Options flow has turned positive before the Q2 print. The broad message: earnings season is forcing short sellers to cover, and call buyers are leading the charge.

GOOGL and INTC also report this week, with traders watching both closely for any macro read-through on AI spending and chip demand.