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Luke Kawa

Intel soars as most bullish options demand in years spurs breakout

Call buyers bottom-fishing in Intel are benefiting from an apparent breakout in the chip leader of yesteryear.

Appetite for bullish options contracts on Intel is in ascendance over the past six weeks, and today is Exhibit A: in early trading, the ratio of puts versus calls traded is below 0.14 (that is, more than 7.5 calls changing hands for every put). If that holds, it would be the lowest daily ratio for the stock since mid-2021.

As of just 10:15 a.m. ET, call options traded were already more than 75% of their trailing one-month daily volumes.

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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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