GameStop Corp's (NYSE:GME) surprise fourth-quarter results beat sent its shares soaring today, giving other former meme stocks a lift as well. The video game name posted its first profitable quarter in two years, while its gross margin also rose year-over-year. At last glance, GME was up 41% at $24.87, earlier trading as high as $27.00.

GameStop stock was heavily shorted coming into today, with short interest representing 22.1% of the stock's available float. It would take over 12 days to buy back these bearish bets, at GME's average pace of trading.

Today's bull gap has GameStop stock breaking above a confluence of moving averages above the $7 level, including its 120-day trendline, which kept a cap on its early-February rally. GME has also moved into positive territory in 2023, now up 32.5% year-to-date. 

So far today, 354,000 calls and 252,000 puts have been exchanged, which is 10 times the amount typically seen at this point. The weekly 3/24 25-strike call is the most active, followed by the 30-strike call in the same weekly series, with new position being opened at both. 

Options bulls were targeting the security ahead of today as well. GME's 50-day call/put volume ratio of 2.97 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year. 

Meanwhile, the pair of analysts covering GME lean pessimistic, with one a "hold" and one "strong sell," though the 12-month consensus price target of $13.25 is now a 45% discount to current levels. Wedbush today raised its price target to $6.50 from $5.30, however. 

Though bank stocks have been center stage of late, there are plenty of other noteworthy stocks to take a look at. Specifically, we're taking a look at a few of the names moving on analyst notes. 

Options Traders Target Foot Locker Stock

Foot Locker Inc (NYSE:FL) is up 5% to trade at $43.10 at last glance, after Telsey Advisory upgraded the stock to "outperform" from "market perform," with a price-target hike to $50 from $39. The shares are attempting to break back above their 40-day moving average, which acted as support before Monday's bear gap. On track for its third-straight day of gains since that drop, the equity is up 14% year-to-date.  

Options traders are circling FL at four times the typical volume seen at this point, with 6,830 calls and 6,783 puts exchanged so far. The March 42 call is the most popular, followed by the April 35 put, with new positions being opened at the latter. 

Progressive Stock Moving Back Toward Highs

Wells Fargo upgraded Progressive Corp (NYSE:PGR) to "overweight" from "underweight," and raised its price objective to $158 from $116, boosting the stock 5.4% to trade at $142.34 at last glance. Longer term, PGR has support at its 100-day moving average, which caught this month's pullback after its Mar. 6 record high of $146.50. 

Call traders are targeting PGR amid the climb, with 2,715 calls across the tape so far -- triple the intraday average. The April 150 call is the most popular, followed by the May 145 call. 

Square Stock Continues Bounce

Block Inc (NYSE:SQ) received an upgrade from Mizuho to "buy" from "neutral," with a price-target hike to $93 from $80. SQ is up 1.5% at $75.21 at last glance, and on track for its third-straight day of gains. A confluence of moving averages helped provide support for the stock's most recent pullback, most notably the 120-day trendline. Year-over-year, the equity is down 35.2%, but hanging on to a 19.7% year-to-date lead. 

The stock market has had a volatile day, as investors unpack jobs data and recent comments from Fed Chair Jerome Powell, while looking ahead to tomorrow's nonfarm payrolls report. In the meantime, we're taking a closer look at a few stocks making big moves today. 

Options Traders Blast Sinking Bank Name

SVB Financial Group (NASDAQ:SIVB) is plummeting on the charts, after the firm this morning announced that it will offer $1.25 billion of its common stock and $500 million of depositary shares. Silvergate Capital's (SI) liquidation announcement and subsequent record low for its shares is weighing on the bank sector as well. 

At last glance, SIVB was down 47.2% at $141.44, and trading at its lowest levels since the start of the pandemic. This bear gap has the shares below all notable short- and long-term moving averages, including former support at its 100-day trendline. Year-over-year, the equity is down 73.4%. 

Options traders are blasting SVB Financial stock amid the negative price action, with 18,000 calls and 21,000 puts exchanged so far -- 52 times the intraday average. The April 200 call is the most popular, with new positions being opened there. 

Revenue Miss Hits JD.com Stock

China-based e-commerce stock JD.com Inc (NASDAQ:JD) is down 10.5% to trade at $42.05 at last glance, after the company's fourth-quarter revenue miss. Now trading at its lowest levels since early November, the equity is down 25% year-to-date. Plus, JD's descending 20-day moving average has been guiding the shares lower for the past month. 

Over in the options pits, 113,000 calls and 65,000 puts have crossed the tape, which is four times the intraday average volume. The weekly 3/10 42-strike put is the most popular, with new positions being bought to open there. 

General Electric Stock Hits Highest Level Since 2018

On the other hand, the shares of General Electric Co (NYSE:GE) are up 6.5% at $92.62 at last glance, earlier hitting a five-year high of $94.94. The company reaffirmed its strong 2023 guidance earlier in the day, and then later unveiled a plan for a spinoff of its power business, GE Vernova, during its investor meeting. Year-to-date, the equity is up 42%. 

Options traders are targeting GE at five times the intraday average, which is 3.7 times the usual daily volume already. So far, 44,000 calls and 35,000 puts have exchanged hands, with the weekly 3/10 94-strike call seeing the most activity. 

PepsiCo Inc (NASDAQ:PEP) is one of the first companies to kick off the new earnings season, announcing its third-quarter report before the bell this morning. The beverage giant posted earnings of $1.97 per share on revenue of $21.97 billion, both higher than the $1.84 per share and $20.84 billion analysts anticipated. PepsiCo also lifted annual revenue and profit expectations on strong demand for soda and snacks, despite price increases. 

At last glance, PepsiCo stock was up 4.6% to trade at $170.10, with rival Coca-Cola (KO) getting a boost from the report as well. Though PEP had been moving lower since its Aug. 17 record high of $181.07, it still sports a 7.5% year-over-year lead. Today's pop also has shares back above the 320-day moving average.

Unsurprisingly, options traders were quick to the draw this morning. So far, 22,000 calls and 17,000 puts have crossed the tape, which is seven times the intraday average. The October 170 call is the most active, with new positions currently being bought to open there. 

This denotes a shift in sentiment, per PepsiCo stock's 10-day put/call ratio of 1.00 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 92% of annual readings.

Analysts have yet to respond to the news, though the majority are already bullish. Of the 11 firms in coverage, eight carry a "strong buy" rating, and three a "hold." Plus, the 12-month consensus target price of $181.73 sits at a 7.5% premium to current levels.