Notable Friday Option Activity: AA, CLF, APPH

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Alcoa Corporation (Symbol: AA), where a total volume of 24,665 contracts has been traded thus far today, a contract volume which is representative of approximately 2.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 48.3% of AA's average daily trading volume over the past month, of 5.1 million shares. Especially high volume was seen for the $50 strike put option expiring September 16, 2022, with 1,593 contracts trading so far today, representing approximately 159,300 underlying shares of AA. Below is a chart showing AA's trailing twelve month trading history, with the $50 strike highlighted in orange:

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Cleveland-Cliffs Inc (Symbol: CLF) options are showing a volume of 53,502 contracts thus far today. That number of contracts represents approximately 5.4 million underlying shares, working out to a sizeable 48.1% of CLF's average daily trading volume over the past month, of 11.1 million shares. Particularly high volume was seen for the $18 strike call option expiring September 09, 2022, with 4,457 contracts trading so far today, representing approximately 445,700 underlying shares of CLF. Below is a chart showing CLF's trailing twelve month trading history, with the $18 strike highlighted in orange:

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And AppHarvest Inc (Symbol: APPH) options are showing a volume of 5,091 contracts thus far today. That number of contracts represents approximately 509,100 underlying shares, working out to a sizeable 47.5% of APPH's average daily trading volume over the past month, of 1.1 million shares. Especially high volume was seen for the $5 strike call option expiring November 18, 2022, with 2,149 contracts trading so far today, representing approximately 214,900 underlying shares of APPH. Below is a chart showing APPH's trailing twelve month trading history, with the $5 strike highlighted in orange:

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