Notable Friday Option Activity: DHI, TTD, BMY

Options trading was especially active today in Trade Desk Inc. and Bristol Myers Squibb, with TTD seeing 53,943 contracts (~5.4M underlying shares, ~40.7% of its 13.2M average daily volume) and a concentration in the $36.50 put expiring Nov. 28, 2025 (4,226 contracts, ~422,600 shares). BMY logged 65,065 contracts (~6.5M underlying shares, ~40.1% of its 16.2M average daily volume) led by the $48 put expiring Dec. 19, 2025 (9,638 contracts, ~963,800 shares). Such large put flows suggest notable hedging or bearish/speculative positioning in both stocks; charts and further option expirations are available via StockOptionsChannel.com.

Analysis

Trade Desk (TTD) saw unusually large options activity today with 53,943 contracts traded, equivalent to roughly 5.4 million underlying shares and about 40.7% of its one‑month average daily volume of 13.2 million shares. The most concentrated instrument was the $36.50 put expiring November 28, 2025, with 4,226 contracts (≈422,600 shares) traded, indicating pronounced interest at that strike and expiry.

Bristol Myers Squibb (BMY) recorded 65,065 option contracts, approximately 6.5 million underlying shares and ~40.1% of its one‑month ADTV of 16.2 million shares, led by the $48 put expiring December 19, 2025 with 9,638 contracts (≈963,800 shares). Both tickers therefore exhibit large single‑day put flows concentrated in out‑of‑the‑money or specific strikes with multi‑hundred‑thousand share equivalents.

The scale of put volume—each representing a material share equivalent and roughly 40% of ADTV—suggests either significant hedging by large holders or directional bearish/speculative positions that could raise near‑term volatility and price sensitivity around those strikes and expiries. Investors should watch follow‑through in underlying price action and subsequent option activity to determine whether this is one‑off positioning or the start of sustained downside hedging.

Key Decisions for Investors

• Monitor TTD around the $36.50 Nov‑28‑2025 strike and BMY around the $48 Dec‑19‑2025 strike for follow‑through in options flow and underlying price moves, as current volumes represent meaningful fractions of ADTV
• If long either equity, consider short‑dated protective puts or put spreads sized to the position rather than relying on single‑leg naked protection, given concentrated put interest that could signal elevated near‑term downside risk