Options Market Statistics: Tesla: 3-Year FSD, Connectivity, Supercharging for $5K; Options Pop
News Highlights
$Tesla (TSLA.US)$ stock rose 0.58%. Its options trading volume was 1.52 million. Call contracts account for 55.8% of the total trading volume. The $207.5 calls expiring August 16 saw the highest OI increase.
Tesla is offering new Model S and X customers the option to purchase its Full Self-Driving (FSD) technology for a reduced price of $5,000 for three years. This bundle also includes three years of free supercharging and premium connectivity. Normally, a full purchase of FSD costs $8,000.
Tesla's stock experienced a slight increase on Friday, closing a volatile week of trading. Despite no significant boost from Chinese sales data, RBC analyst Tom Narayan noted that Tesla sold 46,227 cars in China in July, a 47% year-over-year increase. Tesla doesn't officially report regional or monthly sales, and Narayan tracks industry data. He rates Tesla shares as a Buy with a $224 price target.
Although the July sales boost leaves Tesla's Chinese domestic sales down just 0.2% for the year, the company sold about 325,000 cars in China through July. Globally, Tesla sold approximately 831,000 cars in the first half of 2024, a nearly 7% decline year over year. Wall Street expects improvement, projecting 950,000 cars to be sold in the second half of 2024.
China remains the largest market for new and electric vehicles, with July BEV sales reaching around 482,000 units, a 14% year-over-year increase. In comparison, the U.S. sees approximately 100,000 BEV sales per month.
Former President Donald Trump and billionaire Elon Musk will be featured in an interview on Monday, Aug. 12, less than three months ahead of the 2024 presidential election.
"On Monday night I'll be doing a major interview with Elon Musk – Details to follow!" Trump posted in all caps on his Truth Social account Tuesday.
$Warner Bros Discovery (WBD.US)$ stock rose 0.07%. Its options trading volume was 0.31 million. Call contracts account for 53.6% of the total trading volume. The $6 puts expiring August 23 saw the highest OI increase.
Warner Bros. Discovery's colossal $9.1 billion writedown of CNN, HBO, TNT and other TV networks during the second quarter is simply a sign of the times, the company's CFO says.
Consumers continue to abandon traditional TV for online streaming services, and Warner Bros. chief financial officer Gunnar Weidenfels said "it is what it is."
"Am I disappointed about the impairment? Yes. Am I disappointed that the trends in the linear business haven't been a little better?" Weidenfels told analysts on a Thursday earnings call. "You know, there's been talk about recovery a year, year and a half ago. It hasn't really happened. It is what it is. We're managing this as best we can."
$Upstart (UPST.US)$ stock rose 5.96%. Its options trading volume was 0.29 million. Call contracts account for 69.1% of the total trading volume. The $30 puts expiring September 20 were traded most actively for options contracts that haven't expired already.
The company reported this week revenues of $128 million for the quarter, above analysts' expectations of $124.5 million. The company also provided revenue guidance of $150 million for the third quarter, again above Wall Street's expectations.
Upstart was one of many fintech companies that experienced weakened demand and gutted valuations due to higher interest rates. Since the company's peak in October 2021, the stock is down 92%.
Unusual Stock Options Activity
There was a noteworthy activity in $Nano X Imaging (NNOX.US)$ , where multiple calls have topped volume to open interest ranking. The highest volume over open interest ratio reaches 100.1x with 10,006 contracts.
Daily Active Index & Sector ETF Options
Source: Barchart, Unusual Whales, The Guardian, Bloomberg
Call/Put Option: Trade Options: Quickstart Guide
Option Expiration: Trade Options: Quickstart Guide
Implied Volatility Rank: Volatility Analysis: IV, HV, IV Rank, IV Percentile
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