Nvidia Corp (NASDAQ:NVDA) is gearing up for its fourth-quarter report, due out after the close tomorrow, Feb. 26. NVDA typically has a strong earnings showing, closing six of its last eight post-earnings sessions higher, and yet it's still sliding ahead of the event, gathering plenty of attention from investors.

The stock's upward momentum has slowed over the past few months, with concerns swirling over China's artificial intelligence (AI) breakthroughs and the potential for slowing demand from key customers. Per Wolfe Research, this report is a "make or break" moment for the chip darling. 

At last glance, NVDA was down 1.8% at $127.95. The shares are headed for their third-straight loss as they fall further from their Jan. 7 record high of $153.13. The tech stock added 171.2% in 2024, and 238.9% in 2023, but since the start of 2025, it is down 4%.

The options pits are pricing in a 15.2% post-earnings move this time around, regardless of direction. Over the last two years, the security has averaged a 9.2% next-day swing. 

Nvidia is consistently a favorite amongst options traders, yesterday topping Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks with the highest options volume in the past 10 days. So far today, 1.3 million calls and 1.2 million puts have been traded, with the most activity at the weekly 2/28 140-strike call. 

These options are reasonably priced, too. NVDA's Schaeffer's Volatility Index (SVI) of 70% ranks in the low 19th percentile of its annual range, meaning options traders are pricing in low volatility expectations. 

Bitcoin (BTC) began the year on a high note, nearly reaching the $110,000 mark. However, the world’s leading cryptocurrency is now trading at a three-month low, just above $86,000. As BTC pulls back, put traders are increasingly targeting key equities such as MicroStrategy Inc (NASDAQ:MSTR) and Coinbase Global Inc (NASDAQ:COIN), signaling potential challenges ahead.

At last glance, MSTR shares were down 11%, trading at $251.64. Despite a remarkable 217% year-over-year gain, the stock has declined 12.8% in 2025, largely due to a 28.4% drop over the past month. Notably, MicroStrategy stock is now trading below the $280 mark --  support level that previously served as a floor during a significant late-December pullback.

Coinbase Global stock was last seen down 7.6% to trade at $209.76, marking its seventh consecutive day of losses. The shares have shed 29% over the past month and are down 14.8% year-to-date. Additionally, COIN is now trading below the $220 level for the first time since early November.

Put traders are targeting both equities at roughly double their average intraday volume. For MSTR, the most popular option is the weekly 2/28 250-strike put, where new positions are being sold to open. Meanwhile, COIN’s favored contract is the weekly 2/28 200-strike put.

CAVA Group Inc (NYSE:CAVA) and Sweetgreen Inc (NYSE:SG) are slated to report fourth-quarter results after the close tomorrow and on Wednesday, Feb. 26, respectively. Below, let's check in with the restaurant groups, as well as competitor Chipotle Mexican Grill, Inc. (NYSE:CMG).

CAVA Cools Before Earnings

CAVA is down 3.3% to trade at $104.37 at last check, trading at its lowest level since December and pacing for a fourth-straight loss. Last week, the shares suffered a 17.5% weekly drawdown, their worst of the year. The stock still sports a 105.2% year-over-year lead though, and has an encouraging history of post-earnings reactions, finishing four of its five next-day sessions higher to average a move of 7.4%, regardless of direction. This time around, the options pits are pricing in a much larger swing of 20.6%. 

SG Bounces Back

SG was last seen up 6.4% to trade at $23.22, eyeing their best single-day percentage gain since November. The shares are bouncing off a pullback to their lowest level since May, and remain below all long- and short-term moving averages despite a 103.8% year-over-year lead. SG usually fares well after earnings, settling higher the following session in five out of the last eight quarters. The equity averaged a move of 24.3% over the past two years, regardless of direction, but this time the options pits are pricing in a smaller move of 17.4%.

CMG Eyes 6th-Straight Loss

CMG is down 0.2% to trade at $51.41 at last check, and dropped 18.5% in the last nine months. Should these losses hold, Chipotle stock will etch a sixth consecutive loss, just after marking a third-straight weekly drop. CMG is trading at its lowest level since August after failing to conquer overhead pressure at the $60 level, which snapped into place in January.

Iron & steel stock Cleveland-Cliffs Inc (NYSE:CLF) was last seen down 9.1% at $10.13, after the company posted wider-than-expected fourth-quarter losses of 68 cents per share alongside a revenue miss. Demand for steel remains cautious amid the early stages of Trump's tariffs and the potential merger between Nippon Steel and U.S. Steel (X), which is still on the table. 

Cleveland-Cliffs stock is headed for its worst daily percentage loss since its Nov. 5 post-earnings drop of 11.5%. The stock has been struggling to stage a meaningful breakout from its Dec. 30 roughly four-year low of $8.99, and was just rejected multiple times by the 150-day moving average above the $12 level. Support appears to be consistent at the $10 level, however. 

Over in the options pits, 21,000 calls and 11,000 puts have already been exchanged, which represents double the overall options volume typically seen at this point. The weekly 2/28 10.50-strike and 12-strike calls are the most popular, with new positions being bought to open at the May 12 call. 

Notably, while short interest has started to unwind, down 8.2% over the last two weeks, it still represents 8.7% of the stock's available float. It would take three days for shorts to cover, at CLF's average pace of trading. 

Home Depot Inc (NYSE:HD) surpassed Wall Street’s fourth-quarter estimates, reporting earnings of $3.02 per share -- slightly above the expected $3.01 -- while revenue came in at a higher-than-anticipated $39.70 billion. Despite this strong showing, the company still issued a lackluster forecast for 2025, as higher interest rates and housing prices hurt demand for large remodeling projects. 

At last glance, HD was up 2.9% to trade at $393.33, bringing it back above breakeven for 2025. On track to snap a six-day losing streak, the shares still face resistance at their 150-day moving average. Longer term, Home Depot stock has added 19.3% in the last nine months.

Options volume is already running at five times the intraday average, with 15,000 calls and 11,000 puts traded so far today. The most active contract is the weekly 2/28 400-strike call, where new positions are being bought to open.

Calls have been the preferred choice for some time, per HD's Schaeffer's put/call open interest ratio (SOIR) that ranks in the 4th percentile of annual readings. Echoing this, the stock's 50-day call/put volume ratio of 1.52 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands above 88% of readings from the past 12 months.

PayPal Holdings Inc (NASDAQ:PYPL) stock is up 3.5% in premarket trading, after the fintech company issued an upbeat 2027 margin growth outlook and reaffirmed its 2025 forecast. PayPal also laid out plans to drive $2 billion in revenue for Venmo by 2027, including boosting merchant adoption, retaining funds within the online payments platform, and encouraging in-store and online spending.

PYPL yesterday snapped a three-day losing streak, and is looking to add to its 27.2% year-over-year lead. The security has taken a breather after January's failed attempt to conquer its Dec. 9, two-year high of $93.66, but could today come one step closer to filling the 3.5% gap lower on Friday.

Today's potential rally comes as PYPL was drifting deeper into "oversold" territory, per its 14-Day Relative Strength Index (RSI) of 21. A shift in analyst sentiment could keep the wind at the stock's back, too, as 22 of the 41 firms in coverage still rate it a tepid "hold" or worse.

Now looks like an great time to weigh in with options, with one specific strategy in mind. The equity's Schaeffer's Volatility Scorecard (SVS) sits at a 13 out of 100, making it a prime premium-selling candidate. 

IT stock Super Micro Computer Inc (NASDAQ:SMCI) just staged a massive rally, up 90.7% since the start of February. Now on track for a third-straight daily loss, the stock is slipping from last week's five-month peak, and on the short sell restricted (SSR) list amid the volatility.

SMCI has remained popular among options traders amid the upturn. The stock once again made its way onto Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks with the highest options volume in the past 10 days. In this period, 12,786,779 calls and 6,860,390 puts were exchanged, with most activity at the February 60 call. Notably, the top five contracts over the past two weeks were calls. 

Options traders leaned bullish over the past 10 weeks as well. The stock's 50-day call/put volume ratio of 2.08 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits in the 98th percentile of its annual range, showing a strong preference for calls.

Options look like a good way to weigh in on SMCI, too, as it has tended to outperform options traders' volatility expectations over the past year. This is per its Schaeffer’s Volatility Scorecard (SVS) of 94 out of 100. 

Meanwhile, short interest has been building despite the positive price action, up 18.8% over the past two weeks, and now represents 18.3% of the stock's available float.