Daily Options Outlook | SanDisk and WDC drop post-earnings; Novo-Nordisk A/S rises 3.21% in pre-market trading as CEO says no transformative M&A needed for now

Today's Options Opportunity Outlook

On a macro level,$Invesco QQQ Trust (QQQ.US)$Down 0.32% in pre-market trading,$SPDR S&P 500 ETF (SPY.US)$Up 0.19% in pre-market trading, Nasdaq 100 index components rallied collectively, driving the QQQ ETF up sharply by 3.3% to a recent high. Strong earnings from tech stocks and sustained growth in AI infrastructure demand prompted hedge funds to aggressively buy call options, while short sellers rushed to cover positions, fueling a broad surge in market optimism. Options market data showed QQQ's put/call volume ratio rose to 1.01 on the previous trading day,implied volatility(IV) reached 24.36%.

At the individual stock level,$Novo-Nordisk A/S (NVO.US)$Up 3.21% in pre-market trading, Novo-Nordisk A/S’s CEO stated there is currently no transformativeMergers and acquisitionsdemand. Options market data showed the stock’s put/call volume ratio dropped to 0.48, with implied volatility at 36.88%.

$SanDisk (SNDK.US)$ Down 8.99% in pre-market trading, $Western Digital (WDC.US)$ Down 14.62%. Earnings exceeded market expectations, but guidance fell short of forecasts. Options market data showed SanDisk’s put/call volume ratio declined to 0.79, with an open interest ratio of 1.23 and implied volatility soaring to 119.94%, indicating the market has already priced in significant post-earnings stock price volatility.

$NVIDIA (NVDA.US)$Up 0.12% in pre-market trading. Options market data showed the stock’s put/call volume ratio dropped to 0.43, with implied volatility at 46.22%.

Looking at options expiring on August 7, 2026, the most actively traded contract was the $220-strike call option, which surged by 221.29%.

Options Market Recap for Yesterday

Index Options

On August 5 (U.S. Eastern Time), trading volume in U.S. equity index options declined, with a total of 6.77 million contracts traded. The put/call volume ratio rose to 0.95.

In the upcoming expiration cycle,$S&P 500 Index (.SPX.US)$ The options volume distribution shows the following characteristics: put options volume peaked at the 7,600 strike, while call options volume peaked at the 7,800 strike.

Individual stock options

$NVIDIA (NVDA.US)$Up 3.43%, with 6.2175 million options contracts traded, and the put/call volume ratio dropped to 0.43. NVIDIA's stock price extended its winning streak to five consecutive sessions, reclaiming the title of world’s most valuable company, as SpaceX announced it will exclusively use NVIDIA chips to build its AI infrastructure.

$SpaceX (SPCX.US)$Down 13.61%, with 2.2115 million options contracts traded, and the put/call volume ratio rose to 1.16. SpaceX released its first earnings report since going public, reporting Q2 revenue of $7.814 billion, which beat expectations; however, market concerns were triggered by $15.8 billion in capital expenditures for its AI business, causing the stock to fall in after-hours trading, coinciding with the unlocking of 911.5 million restricted shares.

Top Option Volume Rankings

Among the top 10 stocks by option volume,$SpaceX (SPCX.US)$has the highest put/call volume ratio, reaching 1.16.

The highest put/call open interest ratio belongs to$Micron Technology (MU.US)$, reaching 1.18. Musk stated that demand for memory chips is growing 200% annually, far outpacing the 20% annual supply growth, driving Micron’s share price up 3.2% on the positive news.

Implied Volatility Rankings (underlying market cap > $1 billion and option volume > 100,000 contracts)

$NEBIUS (NBIS.US)$has the highest implied volatility, reaching 133.66%, down 5.60% from the previous trading day. Piper Sandler initiated coverage of NEBIUS with a neutral rating and a price target of $224.

$Cipher Digital (CIFR.US)$saw the largest increase in implied volatility, reaching 120.06%, up 1.25% from the previous trading day. Cipher Digital released its Q2 earnings report, showing revenue declined to $25 million; several investment banks maintained their buy ratings but lowered price targets to a range of $25–$35.

Risk Warning

An option is a contract that gives the holder the right—but not the obligation—to buy or sell an underlying asset at a fixed price on or before a specific date. The price of an option is influenced by multiple 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 future price fluctuations over the life of an option. It is derived by back-solving from the Black-Scholes option pricing model and is generally viewed as an indicator of market sentiment. When investors anticipate greater volatility, they may be willing to pay higher prices for options to hedge risk, leading to elevated implied volatility.

Traders and investors use implied volatility to assessOption priceto assess attractiveness, identify potential mispricings, and manage risk exposure.

Disclaimer
This content does not constitute an offer, solicitation, recommendation, advice, opinion, or any form of guarantee regarding any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In certain circumstances, your losses may exceed the initial margin deposit you made. Even if you place contingent orders, such as 'stop-loss' or 'limit' orders, there is no assurance these will prevent losses. Market conditions may render such orders unexecutable. You may be required to deposit additional margin funds on very short notice. If you fail to meet such a margin call within the specified timeframe, your open positions may be liquidated. Nevertheless, you remain liable for any resulting deficit in your account. Therefore, you should thoroughly research and understand options before trading and carefully consider whether such transactions are suitable for you based on your financial condition and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and handling expirations, as well as your rights and obligations upon exercise or expiration. Options trading involves substantial risk and is not appropriate for all investors. Investors should carefully read"Characteristics and Risks of Standardized Options"。

430K Views