In case you missed it at the start of April, Twitter CEO Elon Musk turned heads by taking a sizable position in the struggling social media company, sending the stock soaring over 20% overnight…
Since the initial announcement, it’s been a will-they or won’t-they relationship between the social media platform and its billionaire superstar attraction.
Musk offered a $44 billion buyout — which the company accepted on April 25 — but has threatened for weeks to cancel the deal before announcing his withdrawal late Friday.
The news helped drop shares more than 9% Monday as the bears lined up to get in on the bloodbath.
My scanners spotted institutional players spending around $235,000 in option premium on over 800 contracts of the Aug. 19 expiration, $34 strike puts!
Of course, it wasn’t all bearish order flow — even with the tech-heavy Nasdaq falling more than 2%. In fact, I had a massive bullish trade hit right in the middle of the action!
PepsiCo kicked off earnings season by beating analysts’ estimates. The soda and snack food company also raised revenue projections for the second quarter in a row. This news sent shares up slightly in premarket trading.
But that’s not the only news hitting the headlines… Aside from earnings, COVID-19 is ramping up again, causing many to consider if we’re on the verge of renewed lockdowns, especially in China.
Many investors are also wondering if the current decline in commodity prices is signaling the end of inflation as we approach the release of Wednesday’s inflation data.
Open interest is the total number of open or outstanding options and/or futures contracts that exist at a given time. Open interest is commonly associated with the futures and options markets, where the number of existing contracts changes from day to day.
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