Post-earnings pain is dominating options markets. Several mid-cap names saw sharp put activity spike after disappointing quarterly results.
Toast fell 15% after missing Q1 estimates. Options on the stock show near-term expiries clustered at May 15 — a sign traders rushed to buy protection. The next liquid expiry after that isn't until July, leaving short-dated hedgers with limited runway.
CarGurus dropped 9% post-earnings. ORTEX flagged a spike in options activity tied to the print. Bearish bets now dominate with only two expiry dates available — May 15 and June 18 — suggesting low long-term conviction from options traders.
The RealReal crashed 17% on earnings. Short sellers stayed heavy through the move. Options structure mirrors CarGurus: thin expiry ladder, concentrated near-term puts.
Upwork was also hit hard after results. The stock carries options through July, giving bears more flexibility to express longer-dated downside views.
On the bullish side, MACOM Technology Solutions tops ORTEX's 7-day options sentiment score. It's up 110% year-to-date. RSI sits at 81 — technically stretched, but options flow remains skewed positive.
SPY options extend all the way to August 17. That wide expiry ladder reflects elevated macro uncertainty. Traders are positioning across a broad time horizon — a sign the market isn't done pricing in geopolitical and rate risk just yet.
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.
