Notable Friday Option Activity: AMGN, FTNT, NOW

Fortinet (FTNT) and ServiceNow (NOW) are exhibiting notably high options trading volumes today, with FTNT's volume representing 56.8% and NOW's representing 50.8% of their respective average daily trading volumes. Significant activity is concentrated in long-dated call options expiring September 19, 2025, specifically the $83 strike for FTNT (2,487 contracts) and the $965 strike for NOW (439 contracts), indicating increased bullish positioning or hedging interest targeting these price levels over the medium term.

Analysis

Fortinet (FTNT) and ServiceNow (NOW) are experiencing a significant surge in options market activity, indicating focused investor interest and potential bullish speculation. FTNT's options volume of 35,148 contracts equates to 56.8% of its average daily share volume, while NOW's 7,479 contracts represent 50.8% of its average. This activity is notably concentrated in long-dated call options expiring on September 19, 2025. Specifically, the FTNT $83 strike call saw 2,487 contracts traded, and the NOW $965 strike call traded 439 contracts. Such concentrated volume in far-dated, and likely out-of-the-money, call options is a strong technical signal of market participants positioning for substantial price appreciation in the underlying stocks over the medium term. The distant expiration date suggests this is not a bet on a near-term catalyst but rather a position based on a longer-term fundamental outlook.

Key Decisions for Investors

• Consider this concentrated call buying in FTNT and NOW as a bullish market signal that could provide confirmation for existing long-term positive theses on the stocks.
• Monitor subsequent options flow and open interest in the specified September 2025 contracts to determine if this is a sustained accumulation or a transient event before adjusting positions.