Notable Tuesday Option Activity: UPST, NOW, BKNG

ServiceNow (NOW) and Booking Holdings (BKNG) are experiencing significantly elevated options trading volumes today, with NOW's contract volume reaching 56.9% of its average daily share trading volume and BKNG's at 56.8%. Notably, NOW saw high activity in its July 2025 $1160 call option (576 contracts), while BKNG's July 2025 $5800 call option (48 contracts) also recorded considerable volume, suggesting potential bullish positioning or strategic hedging activity around these long-dated strikes for both companies.

Analysis

ServiceNow (NOW) and Booking Holdings (BKNG) are experiencing a significant surge in options trading activity, indicating heightened investor interest. Today's options volume for ServiceNow, at 6,613 contracts, equates to 56.9% of its average daily share volume, a substantial level of derivative market activity relative to the underlying equity. Similarly, Booking Holdings' options volume of 1,263 contracts represents 56.8% of its average daily share turnover. The activity is concentrated in long-dated call options, specifically the July 2025 $1160 strike for NOW and the July 2025 $5800 strike for BKNG. This concentration in far-dated, out-of-the-money calls suggests that traders may be positioning for significant share price appreciation in both companies over the next year, or perhaps engaging in strategic hedging. The technical nature of this signal points to a specific market sentiment rather than a response to a fundamental news event.

Key Decisions for Investors

• Investors should note the unusually high volume in long-dated call options for both NOW and BKNG as a bullish technical indicator, suggesting that some market participants are betting on substantial upside over a one-year horizon.
• Monitor the open interest for the specified July 2025 call strikes ($1160 for NOW, $5800 for BKNG) to confirm if this volume translates into new positions, which would strengthen the signal of bullish conviction.