Sentiment read — Options traders tilted sharply bearish across multiple sectors in the week of April 20. Put/call ratios breached four standard deviations above their 20-day averages at more than half of the flagged names. The only clear outlier was JAGX, where extreme call-side skew stood in stark contrast to the week's dominant defensive tone.
ING — PCR 1.05, Z-score +4.0, 52-week high The most extreme read of the week. ING Groep's put/call ratio hit 1.05 on April 21 — a new 52-week high and more than four standard deviations above its 20-day average of 0.42. The previous 52-week low was just 0.09, making the swing all the more dramatic. Earnings are due April 30. Short interest sits at 1.55% of free float, with cost to borrow recently spiking to 12.5% before cooling to 2.24%.
CSL — PCR 4.14, Z-score +4.0, near 52-week high Carlisle Companies saw its put/call ratio hit 4.14 on April 23. That is nearly six times its 20-day mean of 0.73. SI is 5.6% of free float. With availability at over 500% of short interest, bearish options activity rather than short covering appears to be driving the signal.
SNA — PCR 1.29, Z-score +4.0 Snap-on's put/call ratio surged to 1.29 on April 23 — more than four standard deviations above a 20-day mean of just 0.27. SI stands at 5.8% of free float. The industrial tools maker is a closely watched macro bellwether. This spike suggests traders are hedging near-term downside.
TEM — PCR 0.65, Z-score +4.0 Tempus AI's PCR rose to 0.65 on April 21, four standard deviations above its 20-day average of 0.48. At 24.6% of free float, short interest is already elevated. The combination of high SI and a rising put/call ratio flags meaningful bearish conviction in this AI healthcare name.
OMC — Bearish pivot flagged Omnicom was flagged for a put surge and a bearish pivot in options positioning. SI is 10.2% of free float — the highest in this week's cohort among large-cap names. Availability is wide at 404% of SI, indicating puts are the preferred vehicle for expressing bearish views.
TCBI — PCR 1.19, Z-score +4.0 Texas Capital Bancshares' put/call ratio hit 1.19 on April 23, more than four standard deviations above its 20-day mean of 0.48. SI is 7.5% of free float. Regional bank options activity picked up sharply mid-week, in line with broader sector nervousness.
ONB — PCR 0.27, Z-score +4.36 — biggest relative jump Old National Bancorp recorded the week's highest Z-score at 4.36. The PCR surged to 0.27 on April 21 — a 14-times jump from its 20-day average of just 0.019. Even modest absolute put buying caused a massive statistical deviation given the stock's historically call-heavy options profile.
JAGX — PCR 0.019, Z-score -4.18 — the contrarian Jaguar Health was the lone bullish outlier. Its PCR plunged to 0.019 — a Z-score of -4.18, signalling extreme call-side skew. The micro-cap ($5.4M market cap) has a cost to borrow of 18.7%. Call buying here warrants caution given the size and liquidity profile.
Financials dominate put activity Regional banks drove the week's most statistically extreme moves. ONB, TCBI, WSFS, and SIGI all registered PCR spikes of four or more standard deviations. SUNB hit a 52-week high PCR of 0.778 — up from a 20-day mean of just 0.06. The cluster suggests sector-wide hedging, not idiosyncratic stock calls.
Industrials see defensive positioning Snap-on and Carlisle Companies both triggered four-sigma put alerts. Both are cyclical names sensitive to manufacturing activity. Elevated put buying in these names aligns with broader macro caution around US industrial output.
AI and growth names split Tempus AI attracted unusual put volume despite being a growth story. VSTM's PCR hit 0.30 — more than four standard deviations above its mean of 0.05 and its highest since late March. Meanwhile JAGX ran in the opposite direction, logging extreme call skew.
This digest is produced from ORTEX options data. It is not financial advice. Options data can be volatile and may not predict future price movements.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
