Options Market Statistics: Tesla Laying Off More Than 10% of Staff Globally, Shares Fall and Options Pop
News Highlights
$Tesla(TSLA.US$ shares fell by 5.59%, closing at $161.48. Its options trading volume was 1.93 million. Call contracts account for 50.8% of the total trading volume. The most traded calls are contracts of $180 strike price that expire on Apr. 19th. The total volume reaches 52,510 with an open interest of 33,165. The most traded puts are contracts of a $240 strike price that expires on Apr. 19th; the volume is 50,420 contracts with an open interest of 5,625.
Tesla is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).
"About every five years, we need to reorganize and streamline the company for the next phase of growth," CEO Elon Musk commented in a post on X. Two senior leaders, battery development chief Drew Baglino and vice president for public policy Rohan Patel, also announced their departures, drawing posts of thanks from Musk although some investors were concerned.
Musk last announced a round of job cuts in 2022, after telling executives he had a "super bad feeling" about the economy. Still, Tesla headcount has risen from around 100,000 in late 2021 to over 140,000 in late 2023, according to filings with U.S. regulators.
$Rivian Automotive(RIVN.US$ shares fell by 8.00%, closing at $8.40. Its options trading volume was 0.35 million. Call contracts account for 56.8% of the total trading volume. The most traded calls are contracts of $10 strike price that expire on Apr. 19th. The total volume reaches 14,498 with an open interest of 20,213. The most traded puts are contracts of a $5 strike price that expires on May 17th; the volume is 10,462 contracts with an open interest of 1,432.
Rivian Automotive shares have been in a free fall recently. That continued today as seemingly bad news from electric vehicle (EV) makers continued to be released. Even though there hasn't any real negative news out of Rivian itself, shares have plunged by more than 50% in the last three months.
Today's drop seems to be more of the same. Bigger-picture EV news that implies a continued drop in demand seems to be hitting Rivian particularly hard.
$Palantir(PLTR.US$ shares fell by 3.40%, closing at $21.90. Its options trading volume was 0.29 million. Call contracts account for 72.5% of the total trading volume. The most traded calls are contracts of $25 strike price that expire on May 17th. The total volume reaches 6,549 with an open interest of 63,778. The most traded puts are contracts of a $19 strike price that expires on May 17th; the volume is 5,320 contracts with an open interest of 8,411.
Unusual Stock Options Activity
Some notable call activity is being seen in $Carvana(CVNA.US$, which is primarily being driven by activity on the Apr. 26 Call. Volume on this contract is 23,706 versus open interest of 111.
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Daily Active Index & Sector ETF Options
Source: Barchart, Unusual Whales, WSJ, Reuters
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