Shares of Google parent Alphabet Inc (NASDAQ:GOOGL) are up 4.2% to trade at $286.05 at last glance, after the company reported record revenue of $100 billion for the third quarter, surpassing analysts' expectations. Quarterly profits of $2.87 per share also impressed due to strong Google cloud and YouTube advertising revenue, as well as a $155 billion customer backlog. This year, the 'Magnificent 7' member says its AI spending is set to reach $93 billion.
GOOGL surged to a record high of $291.59 right out of the gate, and is now pacing for its sixth gain in the last seven sessions. The equity broke through a ceiling at $260 last week on a rally off the supportive $240 region, and sports an impressive 74% six-month lead.
While calls still outpace puts on an overall basis, options traders have been more bearish than usual over the last 10 weeks. The security's 50-day put/call volume ratio of 0.47 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year, and an unwinding of some of this pessimism could give the stock a boost.
So far today, 237,000 calls and 118,000 puts have already crossed the tape, which is 4 times the amount typically seen at this point. Most popular is the weekly 10/31 290-strike call, where new positions are being opened.
