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Thursday's Vital Data: AT&T Inc. (T), Nvidia Corporation (NVDA) and Tesla Inc (TSLA)

U.S. stock futures are trending higher this morning, as Wall Street recovers from yesterday’s selloff. Tech is headlining today, as traders await a key quarterly earnings reports from Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT). Meanwhile, the European Central Bank is set to announce its latest policy decision later this morning.

Thursday’s Vital Data: AT&T Inc. (T), Nvidia Corporation (NVDA) and Tesla Inc. (TSLA)Against this backdrop, futures on the Dow Jones Industrial Average have added 0.23%, S&P 500 futures are up 0.1% and Nasdaq-100 futures have lost 0.06%.

On the options front, volume was blistering yesterday, with about 18.2 million calls and 18.7 million puts crossing the tape. On the CBOE, yesterday’s selloff drove the single-session equity put/call volume ratio sharply higher to 0.71, pushing the 10-day moving average back to a three-month high of 0.67.

Drilling down on Wednesday’s options activity, AT&T Inc (NYSE:T) was flooded with calls in the wake of Tuesday afternoon’s earnings miss, as options traders anticipate a bounce. Meanwhile, Nvidia Corporation (NASDAQ:NVDA) fell alongside Advanced Micro Devices, Inc. (NASDAQ:AMD) following AMD’s earnings, driving mixed options activity. Finally Tesla Inc (NASDAQ:TSLA) continue to attract put volume ahead of next week’s quarterly earnings report.

Thursday’s Vital Options Data: AT&T Inc. (T), Nvidia Corporation (NVDA) and Tesla Inc. (TSLA)

AT&T Inc. (T)

AT&T stock dropped nearly 4% yesterday, as Wall Street reacted to the company’s poor third-quarter earnings report and falling subscriber numbers. Not only did AT&T lose traditional pay TV subscribers, it also lost wireless subs. CFO John Stephens reassured investors during a subsequent conference call, stating that while there were signs of cord-cutting during the quarter, those pressures would lessen in the fourth quarter.

T stock options traders appeared to buy into Stephens’ reasoning, as calls dominated yesterday’s options activity. Volume topped 452,000 contracts, while calls made up 70% of the day’s take.

Looking at weekly Oct 27 options, it would appear that options traders are betting on a quick turnaround. Specifically, the Oct 27 put/call open interest ratio plunged from Tuesday’s reading of 0.42 to today’s perch at 0.36. T stock is trading roughly half-a-percent higher premarket this morning.

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