The morning tape is rotating away from tech, chips and communication stocks toward health care, staples, utilities, financials and energy, with far more liquid names falling sharply than rising. That broad risk-off backdrop reinforces caution around FFIV’s call-heavy activity after its earnings break, especially because similar post-drop shapes have leaned weak lately. BAND’s unusually heavy, overwhelmingly put-led positioning still carries the clearest company-specific warning into earnings. A weak BAND reaction with continued put demand would confirm that defensive read, while stability and rapidly cooling volume would weaken it. For FFIV, stabilization on lighter volume would suggest the break is losing force; renewed heavy selling alongside the morning’s tech weakness would keep it in control.
Read the full edition →SPY -0.4%, QQQ -1.3%, IWM +0.2%. 94 liquid stocks up 2% or more, 246 down. Leading health care +2.2%, lagging chips -2.0%.
Up: CROX +19.5%, INSM +17.2%, GKOS +15.8%, PURR +11.9%
Down: FTNT -27.3%, IOVA -24.9%, SFM -23.6%, NOW -18.6%
Liquid = average daily volume of $50M or more; names with $1M or more traded since 04:00 ET; ETFs left out.
Its move, its options volume, the put at the bid and the ten-year one-lot history, for every stock you follow. Follow from any stock page.
Find a stock →| AI & data centers | 0 up · 27 down of 40 | 68% vs 44% market | 4 8-Ks filed into the theme: AXTI, EXTR, ACMR, BHE; 6 new dated views (5 bullish): Unknown, Troy Gayeski, Alex Altmann, Mark Lehman |
| Defense & drones | 2 up · 7 down of 15 | 60% vs 44% market | 2 8-Ks filed into the theme: ENVX, BBAI; 1 new dated view (1 bullish): Bill Baruch (Blue Line) |
| Energy (oil & gas) | 14 up · 0 down of 19 | 74% vs 44% market | 2 8-Ks filed into the theme: WHD, FELE; 2 new dated views (1 bullish): Larry Kudlow, Chris Wright |
| Power & the grid | 0 up · 3 down of 7 | 43% vs 44% market | 35 pts fewer of its names moving than last edition; 3 8-Ks filed into the theme: MYRG, PUMP, PLPC; 1 new dated view (1 bullish): Aaron Jagdfeld |
| Space | 2 up · 7 down of 11 | 82% vs 44% market | 7 pts more of its names moving than last edition |
| Nuclear & uranium | 1 up · 5 down of 11 | 55% vs 44% market | unchanged |
| Robotics & autonomy | 1 up · 4 down of 10 | 50% vs 44% market | unchanged |
| Name | Price | IV | Own-yr pctile | Why today | Example contract (last close) |
|---|---|---|---|---|---|
| PLTR Software Earnings in 5d | $195.0 | 78.8 | 99 | high vol, top of its year | Dec 4 $170p · $4.6 bid ≈ 2.71% / 37d |
| AMZN Retail Earnings in 1d | $253.75 | 54.0 | 97 | high vol, top of its year | Dec 4 $230p · $3.5 bid ≈ 1.52% / 37d |
| CAT Machinery Earnings in 1d | $716.31 | 50.1 | 93 | high vol, top of its year | Dec 4 $645p · $6.2 bid ≈ 0.96% / 37d |
| Name | What | Volume vs normal | Calls / puts | Stock move |
|---|---|---|---|---|
| RPD $16.79 | long-dated call build | 5.9× 5,208 contracts | 92% calls · 8% puts | -4.87% day · +21.7% week |
| REPL $15.82 | long-dated call build | 6.0× 13,483 contracts | 66% calls · 34% puts | +20.76% day · +37.7% week |
| FFIV $363.32 | long-dated call build | 8.0× 5,693 contracts | 71% calls · 29% puts | -19.54% day · -20.8% week |
| TAN $40.98 | options volume out of the ordinary | 10.7× 16,294 contracts | 76% calls · 24% puts | -2.48% day · -3.7% week |
| PI $186.00 | options volume out of the ordinary | 9.6× 2,298 contracts | 51% calls · 49% puts | +6.40% day · +4.0% week |
| BAND $47.50 | downside bought | 12.6× 5,430 contracts | 5% calls · 95% puts | -3.59% day · +1.4% week |
This is activity, not a reading on premium: who traded size, in what, leaning which way. Volume = settled options volume against the name’s own normal, with the contracts traded under it. Calls / puts = the split of that volume. Stock move = last session and last five sessions.
Board delta: 294 new ideas from 462 new videos since the last edition. Convergence lives in Idea Scout on Sunday.