Noteworthy Friday Option Activity: PANW, UBER, ADBE

Options activity in Uber and Adobe accelerated sharply today, with 129,780 UBER contracts traded (≈13.0 million underlying shares, about 67.8% of UBER’s one‑month ADTV) and 18,330 ADBE contracts traded (≈1.8 million underlying shares, about 52.4% of ADBE’s one‑month ADTV). Notably, UBER saw heavy concentration in the $80 put expiring Dec. 19, 2025 (7,230 contracts, ≈723,000 shares), suggesting significant downside hedging or bearish speculation, while ADBE saw activity in the $320 call expiring Nov. 21, 2025 (853 contracts, ≈85,300 shares), indicating bullish positioning; both flows are large enough relative to ADTV to affect short‑term liquidity and implied volatility and may reflect institutional directional bets or risk transfers.

Analysis

Options activity in Uber (UBER) and Adobe (ADBE) accelerated today with materially concentrated strikes. UBER traded 129,780 option contracts (≈13.0 million underlying shares), equivalent to ~67.8% of UBER’s one‑month ADTV of 19.1 million shares, led by 7,230 contracts in the $80 put expiring Dec. 19, 2025 (~723,000 shares). ADBE traded 18,330 contracts (≈1.8 million underlying shares), ~52.4% of its one‑month ADTV of 3.5 million shares, with 853 contracts in the $320 call expiring Nov. 21, 2025 (~85,300 shares).

The concentration in the UBER $80 put implies significant downside hedging or directional bearish speculation—consistent with the per‑ticker sentiment score of -0.3—while the ADBE $320 call flow signals bullish positioning (ADBE sentiment +0.3). The absolute volumes are large enough relative to ADTV to lift implied volatility and to meaningfully affect short‑term liquidity in each stock around the most active strikes and expiries.

For market participants this looks like institution‑scale position sourcing or risk transfer rather than retail noise; however, the broad market impact score is modest (0.25), indicating these are important but not systemic flows. Monitor IV, strike concentration, and price reaction into the listed expiries to determine whether flows are catalytic or transient.

Key Decisions for Investors

• If you hold UBER equity, consider trimming exposure or buying downside protection given concentrated $80 put activity and negative options sentiment, monitor changes in implied volatility and put open interest before adding risk
• For ADBE, consider selective bullish exposure or call purchases after confirming that the $320 call flow is accompanied by sustained price strength and manageable IV, avoid paying high premia if IV spikes
• Avoid initiating large directional positions solely on today's flows; wait for confirmation via price action, IV trajectory, and open interest trends into the Nov. 21 and Dec. 19 expiries