Noteworthy Friday Option Activity: SBUX, PENN, AMD

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Starbucks Corp. (Symbol: SBUX), where a total volume of 38,780 contracts has been traded thus far today, a contract volume which is representative of approximately 3.9 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 42.4% of SBUX's average daily trading volume over the past month, of 9.1 million shares. Particularly high volume was seen for the $82 strike call option expiring July 01, 2022, with 9,021 contracts trading so far today, representing approximately 902,100 underlying shares of SBUX. Below is a chart showing SBUX's trailing twelve month trading history, with the $82 strike highlighted in orange:

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Penn National Gaming Inc (Symbol: PENN) options are showing a volume of 16,736 contracts thus far today. That number of contracts represents approximately 1.7 million underlying shares, working out to a sizeable 42% of PENN's average daily trading volume over the past month, of 4.0 million shares. Especially high volume was seen for the $40 strike put option expiring January 19, 2024, with 3,032 contracts trading so far today, representing approximately 303,200 underlying shares of PENN. Below is a chart showing PENN's trailing twelve month trading history, with the $40 strike highlighted in orange:

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And Advanced Micro Devices Inc (Symbol: AMD) saw options trading volume of 425,066 contracts, representing approximately 42.5 million underlying shares or approximately 41.8% of AMD's average daily trading volume over the past month, of 101.6 million shares. Particularly high volume was seen for the $85 strike call option expiring June 24, 2022, with 25,170 contracts trading so far today, representing approximately 2.5 million underlying shares of AMD. Below is a chart showing AMD's trailing twelve month trading history, with the $85 strike highlighted in orange:

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