Heavy trading in Tesla as shares trim losses
Heavy trading in Tesla as shares trim losses. The stock dropped to a low of $260.59 shortly after the opening bell after the company posted disappointing first quarter delivery numbers. The stock worked to recover some losses into midday and saw a further rebound effort this afternoon when details of the Elon Musk SEC contempt hearing emerged. The stock now down $22.59 to $262.22 in heavy trading of 21M shares (3X normal). Options volume is 2X daily average at 209K calls and 235K puts. The biggest trades are buyers of far downside Apr 100 puts - a 4.9K block for 4c and 2K for 4c. Expiring-tomorrow Apr 5th 270 calls, 260 puts, and 275 calls are most active. 30-day implied volatility down 2% to 62 and in the 80th percentile of the one-year range, with earnings due in about a month.