Noteworthy Thursday Option Activity: BA, BKNG, OXY

Options trading volume for Booking Holdings Inc (BKNG) reached 46.5% of its average daily trading volume, with notable activity in the $5000 strike call option expiring September 2025. Similarly, Occidental Petroleum Corp (OXY) options saw volume at 42.6% of its average daily trading volume, particularly in the $42.50 strike put option expiring June 2025, indicating heightened investor interest in these specific strike prices and expiration dates.

Analysis

Booking Holdings Inc. (BKNG) experienced a notable surge in options trading, with 1,073 contracts traded, representing a significant 46.5% of its average daily share volume of 230,520 shares over the past month. A considerable concentration of this activity was observed in the $5000 strike call options expiring September 19, 2025, where 78 contracts, equivalent to 7,800 underlying shares, were traded. This specific interest suggests market participants may be positioning for a substantial upward movement in BKNG's stock price towards or beyond $5000 by late 2025, or are engaging in hedging strategies related to this price level. Concurrently, Occidental Petroleum Corp. (OXY) also saw heightened options activity, with 45,370 contracts changing hands, amounting to a sizeable 42.6% of its average daily share volume of 10.7 million shares. The $42.50 strike put options expiring June 20, 2025, were particularly active, with 10,228 contracts traded, corresponding to approximately 1.0 million underlying shares. This activity indicates a focused attention on potential downside risk for OXY, with traders either speculating on a price decline below $42.50 or seeking protection against such an event by mid-2025. The reported options volumes for both companies are substantial relative to their typical share trading, indicating a concentrated interest in these specific derivative contracts and their implied price outlooks.

Key Decisions for Investors

• Investors should monitor Booking Holdings for catalysts that could support a significant price appreciation towards the $5000 level by September 2025, given the notable call option activity at this strike.
• For Occidental Petroleum, the considerable interest in $42.50 strike puts expiring June 2025 warrants an assessment of downside risks and potential support levels, as it indicates significant market positioning for a price decline or active hedging.
• Given this targeted options activity, market participants may consider further investigation into the factors driving these specific bets for both BKNG and OXY, and monitor these strike levels as areas of potential future price sensitivity or significant open interest.