On Holding AG (NYSE: ONON) is down 2.6% at $26.44 today, the footwear stock extending its recent slide to trade around two-year lows. Options traders are piling on, with roughly 47,000 contracts exchanged so far, or 2.3 times the usual daily volume.
Puts account for 42,000 of that activity, compared with just 4,370 calls. The weekly 9/25 26-strike put is the most popular, followed by the November 22.50 put, with new positions opening at the latter.
Vicor Corp (NASDAQ: VICR) stock is surging 15.5% to $212.35 after the electrical components company announced a nonexclusive licensing agreement for its Vertical Power Delivery technology with a leading artificial intelligence original equipment manufacturer. Despite the rally, puts are dominating the options pits.
More than 5,800 contracts have changed hands, or 4.6 times the usual daily volume, with 4,424 puts compared with 1,382 calls. The September 185 put is the most active contract, followed by the October 195 put, with new positions opening at the latter.
Defiance AI & Power Infrastructure ETF (NASDAQ: AIPO) is up 1.9% at $28.13, though there appears to be no clear catalyst behind the unusual options activity. AIPO is the first ETF focused on AI power infrastructure, launched in late July.
More than 5,100 contracts have traded so far, or 2.2 times the usual daily volume, with puts accounting for roughly 99% of the total. Notably, a 5,000-contract put trade represents nearly all of today's activity. The October 24 and 27 puts are the most popular by far.
