Options traders are targeting Coinbase, Upstart, and Transocean today
As a resurgent Nasdaq steals the show on Wall Street today, several stocks are making outsized moves. Among the more notable names in the spotlight today are crypto-adjacent Coinbase Global Inc (NASDAQ:COIN), offshore drilling stock Transocean LTD (NYSE:RIG), and consumer lender Upstart Holdings Inc (NASDAQ:UPST).
Coinbase Stock Surges After Dismissed Federal Suit
COIN was last seen 20.4% higher to trade at $79.11, and earlier surged as high as $80.39, after a Manhattan federal judge dismissed a class-action lawsuit against the crypto platform. The plaintiffs claimed Coinbase sold unregistered securities and failed to register as a New York state broker-deal. The judge dismissed the federal claims with prejudice, resulting in a rare crypto legal victory.
In response, options volume is running at tripe the intraday average amount, with 190,000 calls and 130,000 puts across the tape so far today. New positions are being opened at the two most popular contracts, the weekly 2/3 67- and 80-strike calls. This signals these traders see even more upside for COIN by the end of this week, even as it stands more than 120% higher in 2023.
Transocean Stock Falls After $392 Million Contract
Transocean stock is 3.6% lower this afternoon, last seen trading at $6.89. This decline comes after a three-year high yesterday, on news of a newly-secured $392 million contract to drill offshore Brazil.
As of this writing, bearish bets are outpacing calls in the options pits, with 17,000 puts traded so far -- double the intraday average amount. The most popular contract, the May 6 put is seeing new positions being sold to open.
Fintech Stock Boosted By Easing Rate Hikes
The Federal Reserve yesterday issued it's lowest rate hike since starting its hawkish campaign. Buy-now-pay-later (BNPL) firm Upstart Holdings is benefitting immensely, last seen 25.6% higher to trade at $25.37, touching its highest level since August and adding to a nearly 90% year-to-date lead.
Options traders are piling too. At the session's halfway mark, more than 157,000 calls and 80,000 puts have crossed the tape, which is five times the volume typically seen at this point. New positions are being opened at the top two contracts, the weekly 2/3 25- and 30-strike calls.