SpaceX $330 calls drew 90,000 trades ahead of earnings
What's new: The heavily traded Friday contracts cost about $2.2 million Monday as SpaceX heads into earnings and an insider lockup expiry.
Heavy buying hit one of the most speculative corners of the SpaceX options market ahead of the company's first earnings report since its June IPO. CNBC reported that about 90,000 Friday call contracts with a $330 strike changed hands Monday, based on SpotGamma data, even though the stock has fallen more than 40% from its high and the strike sits far above current trading levels. The contracts traded for about 30 cents each, or roughly $2.2 million in Monday volume, with open interest above 450,000 positions. Brent Kochuba of SpotGamma said the pattern looked more like institutional hedging than retail speculation. SpaceX is due to report results Tuesday after the bell, and options imply a 14% move. Its insider lockup period is also set to open two days later.