Big Calls, Bigger Puts, and One Stock at 52-Week Highs
By Steve Strazza
March 25, 2026
This note highlights a select group of stocks showing the most unusual — and highly directional — options activity.
The goal is simple: follow the big money and trade in the direction of the underlying trend.
Here is the list of Unusual Options activity from March 25:
*Click to enlarge view
Bristol-Myers Squibb $BMY — Pharma is quietly attracting buyers as dividend-seekers and value institutions rotate in.
Bullish flow showed up with 5,001 contracts of the 5/15 $62.5 calls, signaling confidence that the recent slide may be over.
KE Holdings Inc $BEKE — China’s largest real estate platform continues to face headwinds.
Bearish positioning appeared with 20,000 contracts of the 4/17 $13 puts, the largest contract count on today’s tape — a clear bet on further downside.
Hewlett Packard Enterprise $HPE — HPE is riding a wave of momentum after a strong earnings beat and a string of AI-focused product launches — the stock is trading near 52-week highs today.
Traders loaded up on 3,039 contracts of the 8/21 $35 calls, positioning for a sustained move higher as the company's Juniper Networks integration gains traction.
