Noteworthy Friday Option Activity: SAVA, MSFT, AA

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Cassava Sciences Inc (Symbol: SAVA), where a total volume of 12,471 contracts has been traded thus far today, a contract volume which is representative of approximately 1.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 73.9% of SAVA's average daily trading volume over the past month, of 1.7 million shares. Especially high volume was seen for the $30 strike call option expiring January 20, 2023, with 2,007 contracts trading so far today, representing approximately 200,700 underlying shares of SAVA. Below is a chart showing SAVA's trailing twelve month trading history, with the $30 strike highlighted in orange:

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Microsoft Corporation (Symbol: MSFT) options are showing a volume of 260,654 contracts thus far today. That number of contracts represents approximately 26.1 million underlying shares, working out to a sizeable 73.4% of MSFT's average daily trading volume over the past month, of 35.5 million shares. Particularly high volume was seen for the $292.50 strike call option expiring March 04, 2022, with 14,468 contracts trading so far today, representing approximately 1.4 million underlying shares of MSFT. Below is a chart showing MSFT's trailing twelve month trading history, with the $292.50 strike highlighted in orange:

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And Alcoa Corporation (Symbol: AA) options are showing a volume of 60,765 contracts thus far today. That number of contracts represents approximately 6.1 million underlying shares, working out to a sizeable 68% of AA's average daily trading volume over the past month, of 8.9 million shares. Particularly high volume was seen for the $90 strike call option expiring March 04, 2022, with 4,957 contracts trading so far today, representing approximately 495,700 underlying shares of AA. Below is a chart showing AA's trailing twelve month trading history, with the $90 strike highlighted in orange:

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