Netflix Options Signal 9% Earnings Swing as Bulls Buy 1.5 Times More Calls
Updated
Updated · Quartz · Oct 20
Netflix Options Signal 9% Earnings Swing as Bulls Buy 1.5 Times More Calls
3 articles · Updated · Quartz · Oct 20
Summary
Options markets priced a 9% post-earnings move in Netflix shares by Tuesday noon ET, the biggest implied swing since Q3 2022.
Traders leaned bullish: call purchases ran 1.5 times put buying, put selling topped put buying, and overall options volume was more than 150% of the daily average.
A roughly $2 million sale of at-the-money Nov. 20 $70 puts marked the biggest single trade, while buyers also spent more than $210,000 on 3,500-plus $80 calls expiring Friday.
Those bets come with Netflix down 26% in 2026, nearly 50% below its record high, after a 14% September slide and management upheaval in its film and content ranks.
Co-CEOs Greg Peters and Ted Sarandos told employees on Oct. 14 the company still expects to meet its full-year earnings forecast despite cutting about 1,000 jobs, or 6% of its workforce.