Apple options are doing something unusual into earnings

Apple is drawing unusually strong options activity ahead of its earnings report, with traders heavily buying calls and pricing in a much larger post-earnings move than normal. Of the $590 million in Apple options premium traded Friday, $442 million was tied to calls, and options imply about a 4% move after results versus Apple’s average 1% historical earnings swing over the past year. The bullish positioning suggests traders expect Apple’s recent momentum to continue and potentially help stabilize the broader market, especially as the S&P 500 has struggled and other mega-cap tech names have disappointed. Key contracts point to interest in a move above Apple’s recent all-time high near $335, while open interest at the $320 strike suggests confidence that recent lows will hold even if the report disappoints.