Noteworthy Thursday Option Activity: REGN, NKE, CRK

Nike (NKE) and Comstock Resources Inc (CRK) registered substantial options trading volumes, each representing close to 48% of their respective average daily stock volumes. This activity was particularly concentrated in long-dated put options, with the NKE $67.50 strike (Sept 2025) and CRK $19 strike (Aug 2025) seeing exceptionally high contract turnover, suggesting notable investor interest or hedging at these specific downside price levels.

Analysis

Significant and highly concentrated options activity was observed in Nike (NKE) and Comstock Resources (CRK), indicating focused institutional positioning. In Nike, total options volume reached 67,155 contracts, equivalent to approximately 48% of its average daily share volume. This activity was heavily skewed towards a single long-dated contract: the September 2025 $67.50 strike put, which traded 7,543 contracts. Similarly, Comstock Resources saw options volume equivalent to 47.9% of its average daily share volume, with a notable concentration of 5,183 contracts on the August 2025 $19 strike put. The large volume in specific, long-dated put options for both companies suggests that one or more large investors are establishing significant bearish positions or, more likely, hedging substantial underlying stock holdings against a drop to these specific price levels over the next 14-15 months. This establishes the $67.50 level for NKE and the $19 level for CRK as critical areas of market interest.

Key Decisions for Investors

• Investors should monitor the $67.50 price level for NKE and the $19 level for CRK, as the substantial put option volume establishes these as key support or trigger levels watched by institutional players.