Defensive Bets Build Ahead of Big Prints

Options traders turned sharply defensive on EHC this week. Short interest climbed 20.4% in seven days to 3.3% of free float, the highest level since late September. Put activity spiked ahead of the healthcare firm's earnings, with the nearest active expiry sitting on 20 November.

INTC drew its third analyst downgrade in a week. Seaport Global cut the chipmaker to Neutral today, citing PC weakness and foundry execution risks. Intel has active weekly expiries running all the way through January, giving put buyers plenty of runway. Short interest stands at 3.15% of free float, with cost to borrow a near-zero 0.29%, meaning the bet is cheap to hold.

RACE reports on 3 November. Austrian car registration data, which ORTEX alt data shows leads Ferrari revenue by 22 days, is running 75% below the same quarter last year. The fit is classed as weak, but the direction is notable. Options expiries run through December, with same-week contracts expiring today.

MA moves the other way. Keybanc raised its price target to $735 today. The stock carries the highest options score in the S&P 500 screen, with RSI at 69.9 and a next event flagged as a Q3 earnings call. Bulls appear in control of near-term flow.

The broader read: earnings season is splitting the options market cleanly. Healthcare and chip names are attracting defensive hedges. Payments and quality names are drawing call interest.