Options Traders Position for Big Swings in Walmart, Nio, and Advance Auto Parts

CNBC reported Thursday that options traders were placing outsized bets ahead of a cluster of earnings releases due before and after the bell, with Walmart, Nio, Advance Auto Parts, and Webull drawing the heaviest activity.

Walmart Leads Options Volume With a Cautious Lean

Walmart dominated options desks Wednesday, generating more than 154,000 contracts — the highest volume among all Thursday reporters. The retail giant has climbed roughly 16% year to date, nearly double the S&P 500’s gain, as budget-conscious consumers gravitate toward value shopping under persistent inflation.

Options traders are pricing in a 4.3% swing on results, just below Walmart’s two-year average move of 4.5%. The company has declined after four of its last five earnings reports. Notably, put contracts led by raw volume, though total premium spent skewed toward calls.

Nio Draws Speculative Call Buying

Chinese electric-vehicle manufacturer Nio has gained roughly 9% this year, a standout result given that broad Chinese equity benchmarks have moved lower. The stock trades below $5.60, making its American depositary receipts an accessible vehicle for speculators seeking cheap nominal exposure.

Call activity swamped put volume on Wednesday, with more than 110,000 calls changing hands against roughly 35,000 puts. The most active contracts were out-of-the-money calls at the $6 and $6.50 strikes expiring Friday. Gamma exposure reportedly reached $25 million — five times actual premium traded — signaling traders angling for sharp, rapid price movement.

Background: Brokerage Stocks Under Sustained Pressure

Webull, the retail trading and investing platform, heads into Thursday’s report down more than 15% this year and off more than 40% over the past 52 weeks. It is not alone in that pressure. Robinhood has shed roughly 34% year to date, while Charles Schwab has lost around 11%. Despite the sector’s weakness, options traders bought more than three calls for every put ahead of Webull’s report, with an implied move of approximately 8.5%.

Advance Auto Parts Carries the Biggest Implied Swing

Advance Auto Parts enters earnings as the top year-to-date performer among the group, up around 32%. Options positioning reflects continued bullish sentiment, with roughly three times as many calls bought as puts on Wednesday. The implied move exceeds 11%, surpassing the stock’s typical 9.5% historical swing — suggesting the market anticipates an unusually consequential report.

The options activity arrives one day after Nvidia’s results cleared a major market event, leaving traders to rotate focus toward the next wave of corporate disclosures.

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