The options market is flashing caution on IONQ ahead of its Q1 print. Put open interest heavily outweighs calls across near-term strikes. At the $28 put for May 8 expiry, open interest sits at 14,387 contracts. That dwarfs comparable call open interest at the same strike. Bears are staking out downside protection at nearly every strike below $35.
IONQ currently trades around $46. The put-heavy positioning reflects growing anxiety. An ORTEX note flagged that "bears are digging in, options turn more cautious" ahead of earnings. The May 8 and May 15 expiries are both loaded with puts.
SNAP tells a different story. The stock has rallied 37% recently. Shorts are retreating. Options activity across the May–June expiry ladder is broad and active. The options score points to elevated two-sided interest. The market is pricing in continued volatility post-earnings.
In semiconductors, Wolfspeed carries the highest short score in the space at 75.5. Its options chain runs through July. It has surged 111% year-to-date. Traders are watching whether that move has legs.
XPeng stands out with 8 days to cover. Its options score ranks near the top of the screen. Analysts see 55% upside from current levels. That combination of high short interest and bullish analyst targets can accelerate moves in either direction.
The dominant theme this week is earnings-driven hedging. Traders are not making directional bets. They are buying protection into prints.
Not financial advice. Data from ORTEX.
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.
