Noteworthy Tuesday Option Activity: AVY, AA, PLTR

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Avery Dennison Corp (Symbol: AVY), where a total volume of 1,565 contracts has been traded thus far today, a contract volume which is representative of approximately 156,500 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 41.6% of AVY's average daily trading volume over the past month, of 375,895 shares. Especially high volume was seen for the $190 strike put option expiring February 16, 2024, with 1,540 contracts trading so far today, representing approximately 154,000 underlying shares of AVY. Below is a chart showing AVY's trailing twelve month trading history, with the $190 strike highlighted in orange:

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Alcoa Corporation (Symbol: AA) saw options trading volume of 29,733 contracts, representing approximately 3.0 million underlying shares or approximately 41.6% of AA's average daily trading volume over the past month, of 7.1 million shares. Especially high volume was seen for the $40 strike call option expiring March 15, 2024, with 10,284 contracts trading so far today, representing approximately 1.0 million underlying shares of AA. Below is a chart showing AA's trailing twelve month trading history, with the $40 strike highlighted in orange:

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And Palantir Technologies Inc (Symbol: PLTR) options are showing a volume of 230,539 contracts thus far today. That number of contracts represents approximately 23.1 million underlying shares, working out to a sizeable 41.5% of PLTR's average daily trading volume over the past month, of 55.5 million shares. Particularly high volume was seen for the $12 strike put option expiring March 15, 2024, with 13,260 contracts trading so far today, representing approximately 1.3 million underlying shares of PLTR. Below is a chart showing PLTR's trailing twelve month trading history, with the $12 strike highlighted in orange:

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