Building on its recent momentum, software stock Oracle Corp (NYSE:ORCL) was last seen up 1.9% to trade at $307.86, after CBS News reported that it is among the group of companies that would run TikTok's U.S. operations. U.S.-China trade talks are ongoing, but President Donald Trump has hinted at a preliminary deal regarding the China-based social media platform.
Oracle stock jumped 36% on September 10, hitting a record high of $345.69 after stellar second-quarter results and guidance, boosted by AI-powered cloud infrastructure. The firm also announced a massive deal with OpenAI this month, making it a popular target for bullish investors.
On the charts, ORCL stumbled a bit after its recent peak, but has climbed back above its September 10 intraday low -- keeping that bull gap in place. On a tear since its late-April lows around the $120 level, the equity is up roughly 85% year to date.
Over in the options pits, Oracle stock has seen 273,000 calls exchanged so far today -- five times the call volume typically seen at this point -- in comparison to 104,000 puts. The September 320 call is the most popular contract, with new positions being opened there.
This represents a shift in sentiment, as ORCL's 10-day put/call volume ratio of 0.83 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 99th percentile of its annual range. Though calls were still outweighing puts on an absolute basis, puts were being picked up at a much faster-than-usual clip, with traders potentially betting on a correction.
