Tesla options price in 5.76% earnings swing

Options prices imply Tesla shares could move 5.76% in either direction after the electric vehicle maker reports results after Wednesday’s close, CNBC reported. That would mark the largest earnings move priced into Tesla options since October 2025, when traders anticipated a 6% swing, and would exceed the stock’s recent earnings-day pattern.

The options market signal comes from prices for at-the-money calls and puts, contracts whose strike prices sit close to the current share price. Calls give holders the right to buy stock at a set price, while puts give holders the right to sell. Taken together, their pricing reflects how far traders expect the stock to move, although it does not indicate which direction the move will take.

Tuesday’s Tesla options activity skewed toward calls by midday, according to CNBC. Traders bought 244,000 calls compared with 116,000 puts, and calls represented more than two-thirds of total premium traded.

The busiest Tesla contracts by volume were all calls, CNBC reported. The largest amount of premium went into the $380 calls expiring Friday, with traders spending more than $15 million on contracts priced at about $11 each. At that price, the contracts would need Tesla shares to rise roughly 3% by the end of the week to be profitable.

The positioning contrasts with Tesla’s more limited earnings reactions over the past year. Over the previous four quarters, the stock’s median earnings-day move was 3.5%, according to CBOE data cited by CNBC.

Attention among traders focused on Elon Musk-linked companies also extends to SpaceX, which is scheduled to report earnings on Aug. 4, CNBC reported. It will be the company’s first earnings release since its June initial public offering. Options on SpaceX currently imply a 12% move in either direction around that event, according to CNBC.

Gianni Di Poce, an instructor at TheoTrade, told CNBC by phone that Tesla has been trading in a range since the start of the year. He said aggressive traders could make a case for taking the long side because the stock is near support, while adding that he is constructive over the longer term.

Di Poce also pointed to uncertainty around SpaceX as a factor for Tesla traders. “The whole SpaceX thing is weighing on it, people are trying to figure out which to own and if they’re going to merge,” he told CNBC.

SpaceX shares climbed after the company’s June IPO toward a valuation of $2 trillion, CNBC reported. The stock has since declined sharply, leaving SpaceX valued at just under $1.7 trillion, compared with Tesla’s roughly $1.4 trillion valuation.

The earnings setup places Tesla at the intersection of company fundamentals and derivatives positioning. A large implied move can reflect demand for protection, speculation on a breakout or uncertainty around results, while actual share-price reaction depends on the report, management commentary and broader market conditions.

This story draws on original reporting from CNBC.