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Notable Tuesday Option Activity: M, LGND, CMI

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Macy's Inc (Symbol: M), where a total volume of 70,108 contracts has been traded thus far today, a contract volume which is representative of approximately 7.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 40.3% of M's average daily trading volume over the past month, of 17.4 million shares. Especially high volume was seen for the $16 strike call option expiring September 13, 2019, with 5,628 contracts trading so far today, representing approximately 562,800 underlying shares of M. Below is a chart showing M's trailing twelve month trading history, with the $16 strike highlighted in orange:

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Ligand Pharmaceuticals Inc (Symbol: LGND) saw options trading volume of 1,367 contracts, representing approximately 136,700 underlying shares or approximately 40.3% of LGND's average daily trading volume over the past month, of 339,565 shares. Particularly high volume was seen for the $90 strike put option expiring February 21, 2020, with 650 contracts trading so far today, representing approximately 65,000 underlying shares of LGND. Below is a chart showing LGND's trailing twelve month trading history, with the $90 strike highlighted in orange:

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And Cummins, Inc. (Symbol: CMI) saw options trading volume of 5,329 contracts, representing approximately 532,900 underlying shares or approximately 40.2% of CMI's average daily trading volume over the past month, of 1.3 million shares. Especially high volume was seen for the $150 strike put option expiring October 18, 2019, with 1,116 contracts trading so far today, representing approximately 111,600 underlying shares of CMI. Below is a chart showing CMI's trailing twelve month trading history, with the $150 strike highlighted in orange:

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For the various different available expirations for M options, LGND options, or CMI options, visit StockOptionsChannel.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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