Noteworthy Monday Option Activity: MGM, AS, MCD

Amer Sports Inc (AS) and McDonald's Corp (MCD) are experiencing notable options trading activity today, with AS options volume representing 42.7% of its average daily share volume and MCD's at 42.4%. Specifically, AS saw significant volume in its November 2025 $27.50 strike put options, potentially signaling bearish sentiment or hedging, while MCD's October 2025 $305 strike call options were highly active, suggesting bullish speculation.

Analysis

Amer Sports Inc. (AS) and McDonald's Corp. (MCD) are both exhibiting significant options market activity, with volumes representing 42.7% and 42.4% of their respective average daily share volumes. The nature of this activity, however, suggests divergent investor sentiment for the two companies. In Amer Sports, trading is overwhelmingly concentrated in a single long-dated put option—the $27.50 strike expiring in November 2025—which saw 16,565 contracts traded, representing approximately 1.7 million underlying shares. This highly specific and substantial volume points to either a significant bearish directional bet or a large-scale hedging operation against a long stock position. Conversely, McDonald's experienced heightened interest in its October 2025 $305 strike call options. While the 1,337 contracts traded are a smaller portion of the day's total options volume compared to the AS example, it signals notable bullish speculation on the stock's potential to rise above the $305 level within the next year.

Key Decisions for Investors

• Investors should treat the exceptional volume in Amer Sports' November 2025 $27.50 puts as a significant signal, warranting further due diligence on potential downside catalysts or the presence of a large institutional hedge.
• For McDonald's, the notable activity in long-dated $305 call options can be viewed as a positive sentiment indicator, suggesting some market participants are positioning for considerable upside over the coming year.