Put Flow Floods EV Names as ZEV Sales Slump

Options sentiment has turned sharply negative on electric vehicle stocks. California new ZEV registrations fell 37% year-on-year to 80,392 units in July 2026, the smallest Q3 reading in three years, per ORTEX alt data. That drop is hitting TSLA sentiment hard.

Tesla carries an ORTEX options positive percentage of just 51% over the past week. Its short score sits at 31.7 and the stock is down 17% year-to-date. Barclays flagged a potential SpaceX merger as an AI catalyst, but options flow has not endorsed the thesis yet.

Bearish prints also cluster in energy. SLB is up 7% this week on oil services demand and won a Hold upgrade from Freedom Broker. Yet its days-to-cover stands at 7.0, and ORTEX alt data shows reactor output at PG&E running 10 standard deviations below its own history as of October 21. Grid stress is not a bullish signal for power-hungry sectors.

On the bullish side, Intercontinental Exchange recorded a 100% positive options flow score over the past seven days. Enterprise Products Partners matched that reading. Both names show call positioning dominating with no negative bets logged in the period.

AeroVironment sits at the opposite extreme. Its options score is the lowest among mid-cap defensives screened by ORTEX. The stock is off 49% year-to-date with days-to-cover at 11.3, and call buyers have stayed away.

The Russell 2000 December review ranks on October 30. Five names straddle the entry line. That rank date may generate mechanically driven options hedging flows around small-cap names into Thursday's close.