Market Overview

U.S. stocks were lower for a second straight session on Tuesday(May 6) as comments from U.S. President Donald Trump and Treasury Secretary Scott Bessent provided little clarity to the timeline for any trade deals.

Regarding the options market, a total volume of 40,278,298 contracts was traded.

Top 10 Option Volumes

Top 10: Palantir, Nvidia, Tesla, Hims & Hers Health, AMD, Apple, Amazon.com, Super Micro Computer, Uber, Meta

Shares of Palantir Technologies Inc. slumped more than 12% on Tuesday, after quarterly results and a raised forecast failed to meet the high expectations of Wall Street investors, who had driven the stock price up significantly ahead of earnings.

There are 1.78 million Palantir Technologies Inc. option contracts traded on Tuesday. Call options account for 55% of overall option trades. Particularly high volume was seen for the $110 strike call option expiring May 9, with 82,009 contracts trading. $PLTR 20250509 110.0 CALL$

Tesla Motors shares slid 2% Tuesday, extending Monday's decline as bad news continues to pile up about the electric vehicle giant's sales in Europe.

Tesla vehicle registrations, often used as a proxy for sales, declined 46% in Germany and 62% in the United Kingdom in April compared to a year earlier, according to data released Tuesday by industry groups in the respective countries.

There are 1.26 million Tesla Motors option contracts traded on Tuesday. Call options account for 55% of overall option trades. Particularly high volume was seen for the $280 strike call option expiring May 9, with 64,972 contracts trading. $TSLA 20250509 280.0 CALL$

Unusual Options Activity

Hims & Hers Health Inc. stock rose 18% on Tuesday despite initially dropping after the company reported first-quarter earnings.

There are 696.07K Hims & Hers Health Inc. option contracts traded on Tuesday, up 79% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $50 strike call option expiring May 9, with 47,459 contracts trading. The $50 strike call option expiring this Friday surged 43% on Tuesday. $HIMS 20250509 50.0 CALL$

TOP Bullish & Bearish Single Stocks

This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).

If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.

Based on option delta volume, traders sold a net equivalent of -430,436 shares of Palantir Technologies Inc. stock. The largest bearish delta came from selling calls. The largest delta volume came from the 16-May-25 122 Put, with traders getting long 319,862 deltas on the single option contract.

Top 10 bullish stocks: Hims & Hers Health, Coterra Energy, Enphase Energy, Las Vegas Sands, D-Wave Quantum, ThredUp, Schlumberger, JetBlue Airways, Williams, Tesla

Top 10 bearish stocks: Galectin Therapeutics, Altice USA, Palantir, Peloton, Apple, American Airlines, Wolfspeed, Barrick Gold, Merck, GameStop

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