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Luke Kawa

Bitcoin rumors reignite call activity in GameStop

The CNBC report that GameStop is considering using some of its $4.6 billion in liquid assets to purchase bitcoin has rejuvenated activity in call options tied to the video game retailer.

As of 11:00 a.m. ET, call volumes in GameStop are running above 132,000, already exceeding their total daily average for the prior 10 sessions. Shares, which were up massively when that report broke after the close on Thursday, have pared a good portion of those gains.

Call volumes also spiked on Monday, when traders were reacting to the picture CEO Ryan Cohen posted with himself and Strategy CEO Michael Saylor.

The battle lines are being most fiercely drawn in short-term options around the $30 level. ’Twas ever thus — take a gander at where shares of GameStop faltered during the last week they reported earnings (peaked at $30.16 on December 11). There’s usually a good wall of open interest in calls there that can be difficult to break through.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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