Notable Wednesday Option Activity: RLH, PEP, ON

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Red Lions Hotels Corp (Symbol: RLH), where a total volume of 643 contracts has been traded thus far today, a contract volume which is representative of approximately 64,300 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 45.3% of RLH's average daily trading volume over the past month, of 142,095 shares. Especially high volume was seen for the $7.50 strike call option expiring January 17, 2020, with 420 contracts trading so far today, representing approximately 42,000 underlying shares of RLH. Below is a chart showing RLH's trailing twelve month trading history, with the $7.50 strike highlighted in orange:

PepsiCo Inc (Symbol: PEP) saw options trading volume of 20,691 contracts, representing approximately 2.1 million underlying shares or approximately 45.3% of PEP's average daily trading volume over the past month, of 4.6 million shares. Especially high volume was seen for the $140 strike call option expiring September 20, 2019, with 1,029 contracts trading so far today, representing approximately 102,900 underlying shares of PEP. Below is a chart showing PEP's trailing twelve month trading history, with the $140 strike highlighted in orange:

And ON Semiconductor Corp (Symbol: ON) saw options trading volume of 21,493 contracts, representing approximately 2.1 million underlying shares or approximately 45% of ON's average daily trading volume over the past month, of 4.8 million shares. Particularly high volume was seen for the $23 strike call option expiring August 16, 2019, with 15,418 contracts trading so far today, representing approximately 1.5 million underlying shares of ON. Below is a chart showing ON's trailing twelve month trading history, with the $23 strike highlighted in orange: