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Boeing Options Cheap as 3,200 Union Workers Strike

By Emma Duncan | August 04, 2025, 10:55 AM

Shares of Boeing Co (NYSE:BA) are down 0.5% to trade at $220.85 this morning, after three branches of fighter jet workers in Missouri and Illinois went on strike. The 3,200 union employees are protesting for the first time since 1996 after rejecting a new contract offer. 

Boeing stock has been slipping since its July 29, post-earnings 52-week high of $242.69. Former pressure at the $220 level looks like it's moving in as support, however, along with the 40-day moving average. So far in 2025, BA has added 24%.

Calls have been much more popular than usual in the options pits over the last 10 weeks. BA's 50-day call/put volume ratio of 2.42 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past year.

These options are reasonably priced at the moment, too. The stock's Schaeffer’s Volatility Index (SVI) of 30% ranks in the low 6th percentile of its annual range, meaning options traders are pricing in low volatility expectations. 

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