Notable Monday Option Activity: CRSP, STZ, AVGO

Options activity was notably heavy in Constellation Brands and Broadcom: STZ saw 11,113 contracts trade (≈1.1 million underlying shares, about 48.4% of its one‑month ADTV of 2.3M), led by 1,925 contracts in the $110 put expiring Dec. 19, 2025 (≈192,500 shares). AVGO recorded 91,512 contracts (≈9.2 million underlying shares, also ≈48.4% of its one‑month ADTV of 18.9M), with concentration in 4,673 contracts of the $360 call expiring Nov. 28, 2025 (≈467,300 shares). Such large, concentrated options flows — put‑heavy in STZ and call‑heavy in AVGO — likely reflect substantial directional bets or hedging needs and could drive short‑term option-driven stock flow and liquidity impacts.

Analysis

Constellation Brands (STZ) saw 11,113 option contracts trade today, representing roughly 1.1 million underlying shares or about 48.4% of its one‑month ADTV of 2.3 million shares; the $110 put expiring Dec. 19, 2025 accounted for 1,925 contracts (~192,500 shares). Broadcom (AVGO) recorded 91,512 contracts (~9.2 million underlying shares or ~48.4% of its one‑month ADTV of 18.9 million), led by 4,673 contracts in the $360 call expiring Nov. 28, 2025 (~467,300 shares).

Such concentrated volume — put‑heavy in STZ and call‑heavy in AVGO — is indicative of sizable directional bets or hedging activity because activity clusters at single strikes and specific expiries. Concentration at those strikes can force dealer hedging and short‑term option‑driven flows that amplify underlying equity moves and intraday liquidity dynamics.

Market classification flags the item as mixed/neutral with a market impact score of 0.28, implying modest but non‑negligible potential to influence prices near expiries. Investors should monitor underlying price reaction, changes in open interest, and implied volatility into the Nov. 28 and Dec. 19 expiries to determine whether flows are speculative or represent durable hedging.

Key Decisions for Investors

• For STZ, consider hedging downside or trimming net long exposure ahead of the Dec. 19, 2025 $110‑put concentration given the sizable put flow relative to ADTV
• For AVGO, treat the concentrated $360 call flow into the Nov. 28, 2025 expiry as a near‑term bullish positioning signal but confirm with underlying price and volume before increasing exposure
• Monitor open interest, implied volatility and dealer hedging indicators around the specific strikes and expiries to distinguish speculative trades from risk transfers