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Options strategies to consider during Earnings Season
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GameStop Shares Fly 22%+, June 21 Options Jump

Kevin Travers joined discussion · Jun 11 14:31
$GameStop(GME.US)$ shares flew 22% Tuesday afternoon, after a two-session pullback surrounding the firm's early earnings release and Keith "Roaring Kitty" Gill's livestream Friday. Following is 12% intraday climb, options on the stock blew up to the top seven positions in the entire U.S. market ranked by options trading volume.
GameStop Shares Fly 22%+, June 21 Options Jump
Earlier in the day, the stock continued to fall down about 12% from Friday and nearly 50% from Thursday night, when Gill announced he would hold a live stream. Based on moomoo data, the stock saw a couple of days of overall outflow, but Tuesday saw a net buy of 43 million shares.
GameStop Shares Fly 22%+, June 21 Options Jump
For the past couple of trading sessions, the stock declined during net outflows: before Gill could go live, GameStop announced its earnings report four days early, with a disappointing quarter and a 75 million share sale that drove down the price. Gill went live and showed his positions unrealized Gill was down $250M.
Within the blazing options chain, one contract stood out: Gill's own supposed call contract.
The call made up a third of all open interest due to expire on June 21. The contract traded 14k times Tuesday, with an open interest of 166k, and gives holders the right to purchase GME stock at $20/share for the current average price of about $9.85.
GameStop Shares Fly 22%+, June 21 Options Jump
Last week, Gill famously posted that his position was valued at $175M. His trades immediately whipped retail traders into a fervor, sending the stock price of GME higher to a top of $64/share. Based on pricing data in the screenshot, his trades likely occurred sometime between May 17th and May 30th.
GameStop Shares Fly 22%+, June 21 Options Jump
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