Noteworthy Monday Option Activity: AMD, UNH, IBM

UnitedHealth Group (UNH) and International Business Machines (IBM) are experiencing notably high options trading volumes today, with UNH's options volume representing approximately 98.6% of its average daily share volume and IBM's at 74.1%. Significant activity is concentrated in long-dated call options, specifically the August 15, 2025, $380 strike for UNH and the August 01, 2025, $265 strike for IBM. This elevated interest in specific out-of-the-money calls suggests potential bullish sentiment or strategic positioning by investors targeting these price levels for both companies.

Analysis

UnitedHealth Group (UNH) and International Business Machines (IBM) are exhibiting unusually high options market activity. For UNH, the options volume of 129,887 contracts is equivalent to approximately 13.0 million underlying shares, representing a substantial 98.6% of its average daily share trading volume. Similarly, IBM's options volume of 35,489 contracts translates to 3.5 million shares, or 74.1% of its average daily volume. The activity is notably concentrated in specific long-dated call options. In UNH, the August 15, 2025, $380 strike call is the focus, while for IBM, it is the August 01, 2025, $265 strike call. This targeted interest in out-of-the-money calls with over a year until expiration suggests that a segment of the market is positioning for potential long-term price appreciation in both stocks, or is engaging in strategic hedging or structured product creation targeting these specific price levels.

Key Decisions for Investors

• Investors should monitor the open interest in the UNH August 2025 $380 calls and the IBM August 2025 $265 calls to determine if this high volume is translating into new, sustained positions, which would strengthen the signal.