Extreme upside calls dominate flow in Gamestop ahead of earnings

Extreme upside calls dominate flow in Gamestop ahead of earnings. Shares of the 2021 meme-favorite are off $1.93, or 11.3%, this afternoon near $15.05 after surging above $17 yesterday with 120k contracts trading on the day and calls leading puts 3:1. Notably, Jan 127.50 calls (740% above spot) are the most active contract today, with 12k contracts trading for an average price near 9.8c, led by a sweep buyer paying 10c for 3k near 1:14pm ET with shares near 15.20, and 11c for 2500 more a bit later with shares 15.12. Earnings tomorrow after the close, with the short term straddle pricing in a move near 17%, or +/-$2.60 from current levels.