Noteworthy Thursday Option Activity: KLAC, TMDX, FDX

TransMedics Group (TMDX) and FedEx (FDX) recently experienced significant options trading volume relative to their average daily stock volumes, indicating heightened investor interest and potential directional bets. TMDX saw 8,364 contracts trade, representing 79.1% of its average daily stock volume, with notable activity in the long-dated $140 strike call option expiring August 2025, suggesting bullish positioning. Concurrently, FDX recorded 14,421 options contracts, about 72.8% of its average daily stock volume, highlighted by heavy trading in the $240 strike put option expiring August 2025, pointing to bearish sentiment or downside protection.

Analysis

Significant options market activity was observed in TransMedics Group (TMDX) and FedEx Corp (FDX), indicating heightened investor positioning. For TMDX, options volume reached 8,364 contracts, equivalent to 79.1% of its average daily share volume, signaling a material increase in derivatives trading relative to the underlying stock. The concentration of activity in the August 2025 $140 strike call options suggests a specific, long-term bullish thesis among some traders, who are betting on substantial price appreciation over the next year. Conversely, FDX saw its options volume reach 14,421 contracts, or 72.8% of its average daily share volume. The standout activity was in the August 2025 $240 strike put options, with 4,001 contracts traded. This points towards either direct bearish speculation or, more probably, significant institutional hedging activity designed to protect against potential downside in the stock through mid-2025.

Key Decisions for Investors

• Investors with a bullish view on TransMedics (TMDX) may find the heavy volume in long-dated calls a corroborating signal, and should investigate the fundamental catalysts that could justify a price target above the $140 strike by August 2025.
• For FedEx (FDX), the substantial activity in long-dated put options serves as a key risk indicator, suggesting that holders of long positions should review their thesis and potentially consider hedging strategies to mitigate downside risk.
• Traders should monitor the open interest for these specific TMDX call and FDX put contracts to determine if this is new positioning, which would lend more weight to the bullish and bearish signals, respectively.