Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in 3M Co (NYSE:MMM), where a total volume of 20,691 contracts has been traded thus far today, a contract volume which is representative of approximately 2.1 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 77% of MMM's average daily trading volume over the past month, of 2.7 million shares. Especially high volume was seen for the $182.50 strike call option expiring February 26, 2021, with 3,299 contracts trading so far today, representing approximately 329,900 underlying shares of MMM. Below is a chart showing MMM's trailing twelve month trading history, with the $182.50 strike highlighted in orange:
Charter Communications Inc (NASDAQ:CHTR) options are showing a volume of 6,251 contracts thus far today. That number of contracts represents approximately 625,100 underlying shares, working out to a sizeable 51% of CHTR's average daily trading volume over the past month, of 1.2 million shares.
Especially high volume was seen for the $460 strike put option expiring January 20, 2023, with 2,500 contracts trading so far today, representing approximately 250,000 underlying shares of CHTR. Below is a chart showing CHTR's trailing twelve month trading history, with the $460 strike highlighted in orange:
And Norfolk Southern Corp (NYSE:NSC) saw options trading volume of 5,324 contracts, representing approximately 532,400 underlying shares or approximately 48.8% of NSC's average daily trading volume over the past month, of 1.1 million shares.
Particularly high volume was seen for the $260 strike call option expiring April 16, 2021, with 2,183 contracts trading so far today, representing approximately 218,300 underlying shares of NSC. Below is a chart showing NSC's trailing twelve month trading history, with the $260 strike highlighted in orange:
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