Options Signals: EVgo Buyout Kills Puts, Chips Draw Bears

EVgo dominated options desks Monday after LS Power Equity Advisors agreed to acquire the EV charging firm for $2 per share. The deal effectively caps upside and makes existing call options worthless above the offer price. Traders with open puts on EVGO saw positions swing hard. The stock carries expiries running out to January 2027, meaning residual open interest will bleed into a long tail before the deal closes.

AbbVie drew fresh attention after Canaccord Genuity raised its price target to $338. The pharma giant sports the most packed near-term expiry calendar in today's session, with eight consecutive expiry dates running from November 6 through January 2027. That density signals sustained institutional hedging around ABBV's upcoming Q3 earnings call.

In semiconductors, Micron Technology led the market in negative options bets over the past seven days. The stock's RSI sits at 42, in weak territory. It ranks as the top stock for put-side positioning across US names. Micron is up 210% year-to-date, so profit protection is a logical read.

NVDA options span twelve expiry dates through January 2027. Near-term flow is concentrated around the November 6 and November 13 weekly strikes. Its RSI of 35 suggests the market is pricing in near-term softness even as the stock holds a $4.9 trillion market cap.

On the index front, Corteva faces $555M of forced MSCI World selling if deleted on November 11. Its deletion probability doubled overnight to 77%. That level of passive selling risk has begun attracting put volume as event-driven desks position for the November 30 effective date.

Rocket Companies rounds out notable flow. It carries a days-to-cover of 8.7 and a short score of 60, with a Q3 earnings call imminent across all six near-term expiries. Elevated put interest here reflects bearish pressure from a stock down 34% year-to-date.