Prominent Tuesday Option Trades: IBM, SIRI, AFRM

As Tuesday unfolded, the options market witnessed a flurry of activity in International Business Machines Corp. A total of 21,467 contracts have changed hands, equivalent to approximately 2.1 million shares. This robust trading amounts to 42.3% of IBM’s average daily trading volume for the past month. Notably, the $195 strike call option expiring March 22, 2024, stole the limelight with 2,303 contracts traded, representing about 230,300 underlying shares of IBM. The chart below paints a vivid picture of IBM’s past year’s trading history, with the $195 strike highlighted in an eye-catching shade of orange:

Turning our attention to Sirius XM Holdings Inc (SIRI), the options arena saw considerable action with 65,476 contracts traded, representing about 6.5 million underlying shares or around 40.9% of SIRI’s average daily trading volume over the last month (16.0 million shares). The $6 strike call option expiring May 17, 2024, stood out with an impressive 12,001 contracts traded thus far, equivalent to approximately 1.2 million underlying shares of SIRI. The chart below provides a historical snapshot of SIRI’s trading activity over the past year, with the $6 strike highlighted in a bright orange hue:

Affirm Holdings Inc (AFRM) also had its share of options market action, with 30,358 contracts traded today. This significant number of contracts represents approximately 3.0 million underlying shares, translating to a robust 40.7% of AFRM’s average daily trading volume over the past month (7.5 million shares). Notably, the $30 strike put option expiring September 20, 2024, caught investors’ attention, with 5,094 contracts traded, symbolizing around 509,400 underlying shares of AFRM. The chart below showcases AFRM’s trading performance over the past year, with the $30 strike standing out in vibrant orange: