Noteworthy Tuesday Option Activity: CVS, FCX, URI

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in CVS Health Corporation (Symbol: CVS), where a total volume of 56,220 contracts has been traded thus far today, a contract volume which is representative of approximately 5.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 66.6% of CVS's average daily trading volume over the past month, of 8.4 million shares. Especially high volume was seen for the $73 strike call option expiring September 22, 2023, with 11,900 contracts trading so far today, representing approximately 1.2 million underlying shares of CVS. Below is a chart showing CVS's trailing twelve month trading history, with the $73 strike highlighted in orange:

Freeport-McMoran Copper & Gold (Symbol: FCX) options are showing a volume of 44,497 contracts thus far today. That number of contracts represents approximately 4.4 million underlying shares, working out to a sizeable 55.4% of FCX's average daily trading volume over the past month, of 8.0 million shares. Particularly high volume was seen for the $37 strike put option expiring December 15, 2023, with 2,389 contracts trading so far today, representing approximately 238,900 underlying shares of FCX. Below is a chart showing FCX's trailing twelve month trading history, with the $37 strike highlighted in orange: