Noteworthy Thursday Option Activity: LQDA, WMB, BMY

Williams Cos Inc (WMB) and Bristol Myers Squibb Co. (BMY) are experiencing elevated options trading volumes, each representing approximately 45% of their respective average daily trading volumes. Notably, WMB saw significant activity in its long-dated September 2025 $47 strike call options, while BMY exhibited similar interest in its $47 strike put options for the same expiration, suggesting distinct directional plays or hedging strategies are being implemented in both equities.

Analysis

Williams Cos Inc (WMB) and Bristol Myers Squibb (BMY) are both experiencing unusually high options trading activity, with total contract volumes accounting for 45.8% and 45.6% of their respective average daily share volumes. The nature of this activity, however, indicates divergent market sentiment. For WMB, a significant concentration of 12,000 contracts was observed in the long-dated September 2025 $47 strike call options, representing a substantial bullish position on approximately 1.2 million underlying shares. Conversely, BMY saw a notable volume of 10,185 contracts in its September 2025 $47 strike put options, indicating a significant bearish bet or protective hedge on over 1.0 million shares. The long expiration date for both trades suggests these are not short-term speculative plays but rather reflect institutional-level conviction on the longer-term trajectory of each company.

Key Decisions for Investors

• Investors should view the concentrated buying of long-dated WMB call options as a significant bullish signal, warranting an investigation into potential long-term catalysts that could drive the stock price above the $47 strike.
• The heavy trading in BMY put options acts as a cautionary flag; current holders may want to reassess downside risk and consider hedging strategies, while prospective buyers should exercise caution.
• Given the institutional size of these trades, monitoring the open interest for the WMB September 2025 $47 calls and the BMY September 2025 $47 puts in subsequent sessions is crucial to confirm whether this represents new, sustained market positioning.