Unusual Call Option Volume Spikes for Primo Brands and PBF Energy

Market data reveals a surge in call option activity for Primo Brands Corp (PRMB) and PBF Energy Inc (PBF), signaling increased speculative interest in both equities. The volume spikes occurred on Wednesday, with both companies seeing options trading that far exceeded their typical daily averages, suggesting a concentrated bet on price appreciation. Primo Brands Corp saw 49,475 contracts traded, representing roughly 4.9 million underlying shares. This volume is approximately 133.6% of the stock's average daily trading volume of 3.7 million shares. The most active contract was the $25 strike call expiring May 15, 2026, which saw 25,319 contracts change hands, representing 2.5 million underlying shares. Similarly, PBF Energy recorded 42,111 contracts, equivalent to 4.2 million underlying shares. This represents 132% of its monthly average daily volume of 3.2 million shares. The $45 strike call expiring May 15, 2026, was the primary driver of this activity, with 15,308 contracts traded, representing 1.5 million underlying shares. While unusual options activity can often precede volatility or corporate announcements, these specific flows currently reflect short-term bullish sentiment targeting the mid-May window. Traders are closely monitoring these strike prices as potential magnets for price action in the coming weeks.