SNDK Options Flow: $73.9M Bearish Premium Tilt Into Oct. 29 Earnings
Puts at 1290 and 1250 for Oct. 23 sit near spot, while a $0.69M call at 1385 spans the earnings date
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SNDK options tape nets negative $73.9M in premium, with puts at 1290 and 1250 into Oct. 23 expiry while earnings sit six days later.
Net premium leans bearish by $73.9M
SNDK's options tape shows a net premium impact of negative $73.9M today. That figure measures the running difference between dollars flowing into bullish contracts and dollars flowing into bearish ones, so the sign says sellers of upside and buyers of downside have dominated the session so far.
The stock gives the number context. SNDK closed Friday at $1,299.30 after a 6.85% drop, and it sits roughly 45% below its 52 week high of $2,354.39. Shares trade near $1,342 premarket, a bounce, but the options tape is not leaning on it.
The whale prints are closer to balanced than the headline
Add up the eight large alerts and the picture softens. Puts total about $1.09M in premium across six contracts. Calls total about $0.90M across two. Roughly $2M of large prints cannot account for a $73.9M net figure, so the bulk of the bearish premium came from flow below our whale threshold or from contracts outside this list.
That gap matters. Anyone quoting the large prints as proof of a bearish stance is leaning on a small slice of the tape.
October 23 puts cluster at spot
The $1290 put expiring Oct. 23 printed $0.47M, and the $1250 put for the same date printed $0.37M. Together that is $0.84M on a single weekly expiry. The 1290 strike sits $9.30 below Friday's close. The 1250 strike sits 3.8% below it.
This expiry lands six days before the Oct. 29 earnings report, so these contracts carry no earnings event. Dealers who sold these puts hold positive delta hedges that they will sell into weakness, which can add pressure if spot drifts toward 1290. Whether buyers opened fresh downside bets or hedged long stock, we don't know. The prints alone do not show who sat on the bid.
The November 6 call carries the earnings exposure
The largest single alert is the $1385 call expiring Nov. 6 at $0.69M. It sits 6.6% above Friday's close and spans the earnings date, so it prices the event. Fiscal Q1 guidance calls for revenue of $10.3 billion to $10.8 billion and EPS of $44 to $46.
A bought call there reads bullish. A call sold against shares, or one leg of a spread, reads very differently. With no confirmed side, treat it as a marker of interest at 1385, not a directional signal.
The Oct. 16 contracts in the list, including the $1310 call at $0.21M and the $1300 put at $0.16M, expired Friday. Spot closed at $1,299.30, so the call finished out of the money and the put finished $0.70 in the money. The $200 put expiring Jan. 21, 2028 printed only $0.04M, too small to read as anything beyond a deep tail hedge.
What to watch
The tape leans bearish on dollars and neutral on the largest prints. That split leaves the read unresolved until open interest updates tomorrow and shows whether the 1250 and 1290 puts opened new positions.
Watch the 1290 strike into Oct. 23 expiry, where dealer hedging could amplify moves in either direction. A bid-side print in the 1385 call, or a push above that strike before Oct. 29, would weaken the bearish read.