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        Have electric vehicle stocks lost their buzz?
        Views 17K Contents 440

        Options Market Statistics: Rivian Reports Better-Than-Expected Results; Shares Rise And Options Pop

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        Options Newsman joined discussion · 11/08/2023 08:42
        News Highlight
        $Apple(AAPL.US)$ shares rose by 1.45%, closing at $181.82. Its options trading volume is 1.06 million. Call contracts account for 55.5% of the whole trading volume.
        Apple has temporarily halted the advancement of its software for next year's lineup of iPhones, iPads, Macs, and other devices. This decision emphasizes the tech giant's commitment to quality and performance over introducing new features. Apple's engineers are now primarily concentrating on identifying and rectifying existing software bugs, aiming to solidify the foundational stability of their operating systems. This internal directive, which highlights the importance of maintaining Apple's reputation for delivering user-friendly and reliable software, aligns with the company's longstanding ethos that prioritizes user experience.
        $Amazon(AMZN.US)$ shares rose by 2.13%, closing at $142.71. Its options trading volume is 0.82 million. Call contracts account for 58.8% of the whole trading volume.
        Amazon said on Monday that it is launching the Black Friday event starting from November 17.
        UBS raises Amazon price target to $180 from $178, maintains Buy rating.
        $Rivian Automotive(RIVN.US)$ shares rose by 1.40%, closing at $17.42. Its options trading volume is 0.42 million. Call contracts account for 63.0% of the whole trading volume.
        Rivian reported a smaller loss than expected and raised full-year production guidance. That's pretty good considering how investors feel about EVs these days. Shares were up shortly after the third-quarter results were released.
        Tuesday evening, the EV start-up announced an adjusted third-quarter per-share loss of $1.19 from sales of $1.3 billion. Wall Street was looking for a per-share loss of $1.31 from sales of $1.3 billion, according to Bloomberg. Rivian reported a $1.08 loss from sales of $1.1 billion in the second quarter of 2023.
        A loss won't surprise investors. They want to see improvement, especially with respect to cash flow. Rivian used just under $1.1 billion in the third quarter, a little better than Wall Street had projected, and down from $1.6 billion used in the second quarter of 2023.
        Wall Street projects cash use of about $1 billion to $1.4 billion for each of the next few quarters.
        Rivian Automotive raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs, sending its shares up 3% in volatile after-hours trading.
        Rivian's upbeat forecast on electric-vehicle production is a small positive for an industry reeling from the double whammy of high inflation that has dulled buyer appetite and price cuts at market leader Tesla to stimulate demand.
        Options Market Statistics: Rivian Reports Better-Than-Expected Results; Shares Rise And Options Pop
        Unusual Stock Options Activity
        Some notable call activity is being seen in $Rivian Automotive(RIVN.US)$, which is primarily being driven by activity on the Dec 1st 19.00 call. Volume on this contract is 53,570 versus open interest of 260.
        Options Market Statistics: Rivian Reports Better-Than-Expected Results; Shares Rise And Options Pop
        Daily Active Index & Sector ETF Options
        Options Market Statistics: Rivian Reports Better-Than-Expected Results; Shares Rise And Options Pop
        Source: Benzinga, Dow Jones, CNBC
        Disclaimer: Options trading entails significant risk and is not appropriate for all investors. Certain complex option strategy carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Option. This article is for information and illustrative purposes only, and is not a promotion of option trading or a recommendation of any of the specific option mentioned above.
        Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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