Outlook falls short of expectations! Is Intel still worth holding onto?
Index Options
On January 22 Eastern Time, the trading volume in the US stock index options market declined, with a total of 5.52 million contracts traded. The put/call ratio rose to 1.01.

As the upcoming expiration date approaches,$S&P 500 Index (.SPX.US)$ The distribution of options trading volume shows the following characteristics: the peak of put options volume was at 6900 points, and the peak of call options volume was at 6950 points.

Single Stock Options
$Meta Platforms (META.US)$Closed up 5.66%, with 796,200 options contracts traded, and the put/call volume ratio rose to 0.56. Meta announced global rollout of advertising services on Threads with over 400 million monthly active users. Jefferies maintained a buy rating with a target price of $910, while new AI lab launched its first internal models showing promising prospects.

Observe the call options expiring this Friday, many surged over 40 times.

Monitor unusual large options trades; major investors showed optimism just before the close.

$Netflix (NFLX.US)$Closed down 2.13%, with 1,588,100 options contracts traded, and the put/call volume ratio rose to 0.58. Netflix reported strong Q4 earnings but weak guidance for 2026. Wall Street analysts cut their target prices to between $98 and $130. The company’s $82.7 billion acquisition of Warner Bros. Discovery faces a $108.4 billion bid challenge from Paramount. CEO Sarandos will testify at a Senate hearing in February regarding the acquisition.

Monitor unusual large options trades; major investors showed optimism just before the close.

Options Volume Leaderboard
Among the top 10 stocks by options trading volume,$Intel (INTC.US)$The put/call volume ratio was the highest, reaching 0.84. Intel reported better-than-expected Q4 earnings but weak guidance for Q1 due to supply shortages and inventory depletion caused by surging demand for AI data center chips. Shares plummeted over 10% after hours.

The highest put/call open interest ratio is$Micron Technology (MU.US)$Reached 1.25. Micron Technology gained positive outlooks from multiple investment firms. Exane BNP Paribas significantly raised its target price from $270 to $500. William Blair initiated coverage with an outperform rating. Analysts expect the AI-driven memory chip supercycle to last until 2027, with the company’s HBM revenue expected to grow by 164% in 2026.

Top 10 Most Actively Traded US Stock Options

Top 10 US Stock ETF Options by Trading Volume

Implied volatility leaderboard (underlying market cap > $10 billion and option volume > 100,000)
$Critical Metals (CRML.US)$implied volatilityThe highest increase reached 152.00%, growing 6.24% from the previous trading day. Critical Metals signed a $1.5 billion joint venture agreement with a Saudi company to build a rare earth processing plant and disclosed four off-take term sheets covering 100% of the Tanbreez project's output. Trump announced a Greenland framework agreement, driving the stock price up over 20%.

$Plug Power (PLUG.US)$Implied volatility increased the most, reaching 112.05%, up 6.71% from the previous trading day. Plug Power will hold a special shareholders' meeting on January 29 to vote on increasing the authorized shares from 1.5 billion to 3 billion to raise funds. Meanwhile, CEO Andy Marsh held a Q&A session on Reddit to explain financing needs and announced a new agreement with Walmart to cancel the 2017 warrant transaction.

Top 10 most volatile US stock options (underlying market cap > $10 billion and option trading volume > 100,000 contracts)

Top 10 US Stock ETFs by Implied Volatility (Criteria: Market Cap > $100 billion)

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Risk Warning
An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price at any time on or before a specific date. The price of an option is influenced by several factors including the current price of the underlying asset, the strike price, time to expiration, and implied volatility.
Implied volatility reflects the market’s expectation of the future volatility of an option over a certain period. It is data derived inversely from the BS option pricing model and is generally considered an indicator of market sentiment. When investors anticipate higher volatility, they may be willing to pay more for options to hedge risks, resulting in higher implied volatility.
Traders and investors use implied volatility to assessoption pricesthe attractiveness, identify potential mispricing, and manage risk exposure.Disclaimer
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may prevent these orders from being executed. You might be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Option trading involves extremely high risks and is not suitable for all investors. Investors should read carefully before engaging in any options trading strategy.Characteristics and Risks of Standardized Options。
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may prevent these orders from being executed. You might be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Option trading involves extremely high risks and is not suitable for all investors. Investors should read carefully before engaging in any options trading strategy.Characteristics and Risks of Standardized Options。
Editor/Lee
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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