Nvidia reports earnings after the close on Wednesday
Chip darling Nvidia Corp (NASDAQ:NVDA) is a regular on Senior Quantitative Analyst Rocky White’s list of stocks that attracted the most options volume during the last two weeks, and this most recent period is no different. NVDA topped the list ahead of the company’s latest earnings report, due out after the close Wednesday, Aug. 28.
Over the last 10 days, Nvidia stock has seen 41,164,331 calls and 24,868,867 puts cross the tape. The weekly 8/23 130-strike call was the most popular contract by far over this timeframe, followed by the 128-strike call in the same series.
Though it’s not unusual for calls to heavily outweigh puts for the tech giant, traders could also be eyeing Nvidia’s upcoming earnings report as a potential bullish catalyst. The stock finished the session higher following six of its last eight reports, including a 9.3% pop this past May and 16.4% rise in February. This time around, the options pits are pricing in a next-day swing of 17%, which is larger than the 9% move the stock has averaged over these last two years.
Today, NVDA was last seen down 2.6% to trade at $126.02, as investors rotate away from tech. The stock bounced off its early-August lows that came amid the global selloff, though pressure appears to have emerged at $130. Year to date, the equity is up 154%.
