Noteworthy Friday Option Activity: ELV, AXP, ULTA

American Express (AXP) and Ulta Beauty (ULTA) are experiencing elevated options trading volume today, with activity for both companies exceeding 64% of their respective average daily stock trading volumes. Notably, significant interest is observed in long-dated call options, specifically the AXP $330 strike (August 2025) and ULTA $532.50 strike (August 2025), suggesting potential directional positioning or hedging strategies with extended time horizons.

Analysis

American Express (AXP) and Ulta Beauty (ULTA) are exhibiting notable options market activity, with today's traded volume representing a significant portion of their typical daily stock volume—64.6% for AXP and 64.5% for ULTA. The focus of this activity is concentrated in long-dated call options, indicating potential strategic positioning with an extended time horizon. Specifically, AXP has seen elevated volume in its $330 strike call option expiring in August 2025, while ULTA has experienced similar interest in its $532.50 strike call expiring in August 2025. This concentration in specific, far-dated call contracts suggests that some market participants may be establishing bullish directional bets on the underlying shares, anticipating substantial price appreciation over the next year.

Key Decisions for Investors

• Investors holding or considering positions in AXP and ULTA should monitor the open interest and continued volume in the August 2025 call options as a potential indicator of sustained bullish conviction.