The shares of energy giants BP plc (NYSE:BP) and Phillips 66 (NYSE:PSX) are moving in opposite directions this morning. Below, let's take a closer look at what is driving their price action.

BP Brushes Off Quarterly Win

BP missed earnings estimates for the fourth quarter, and watched quarterly profits hit a four-year low, while annual profits missed estimates following a 35% decline. BP is down 0.4% to trade at $34.28 at last check, looking to snap a five-day win streak as it retreats from yesterday's surge to its highest level since September. So far in 2025, BP has added 15.5%.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BP's 10-day call/put volume ratio of 9.17 stands in the 92nd percentile of annual readings. An unwinding of this bullishness could pressure shares lower.

PSX Surges on Elliott Stake

PSX was last seen up 4.3% to trade at $129.05, following news that Elliott Investment Management built an over $2.5 billion stake in the oil company, with plans to implement operational changes. Though PSX carries a 10.7% year-over-year deficit, it earlier hit its highest level since December.

Options volume is running at 3 times the intraday average, with 3,375 calls and 2,463 puts exchanged so far today. Most popular is the weekly 2/14 121-strike put, with new positions being bought to open there.

Coca-Cola Co (NYSE:KO) stock is 4.2% higher at $67.26 at last glance, following the company’s stronger-than-expected fourth-quarter earnings report. The soda maker posted earnings per share of 55 cents on revenue of $11.54 billion, both of which surpassed estimates. Rising demand for its beverages contributed to a 6% increase in net sales for the quarter.

In response, KO is experiencing unusually high intraday options activity. So far, more than 79,000 call contracts and 24,000 put contracts have exchanged hands -- 7 times the typical volume for this point in a session. The most actively traded contract is the January 2027 62.50-strike call, while the runner-up, the weekly 2/14 68-strike call, is seeing new positions being bought to open.

Today's bull gap has propelled Coca-Cola stock to its highest level since late October, breaking above overhead pressure at the 100-day moving average. Over the past month, the equity has gained 9.6%, bringing its year-to-date advance to 7.8%.

U.S.-listed shares of Alibaba Group Holding Ltd (NYSE:BABA) are 6.6% higher at $110.47 at last check. The rally comes after the Trump administration delayed the suspension of the de minimis provision, which gives packages valued at less than $800 the ability to enter the U.S. duty-free, mostly benefiting low-cost Chinese shopping platforms.

Looking ahead, Alibaba is set to report earnings before the market opens on Thursday, Feb. 20. The stock hasn’t had the best post-earnings track record, closing lower after six of its last eight reports. Over the past two years, BABA has averaged a 4.2% next-day move, but options traders are now bracing for a larger 8.7% swing, regardless of direction.

Options activity has been buzzing, with Alibaba stock recently landing on Schaeffer's Senior Quantitative Analyst Rocky White's list of equities with the highest options volume in the past two weeks. In the last 10 sessions alone, 4.2 million calls and 1.09 million puts have changed hands. During this time frame, the most popular contracts have been the weekly 1/31 100-strike call and the February 110 call.

Alibaba stock has been on fire to start the year, already up 29.4% year-to-date. Support at its 10-day moving average has helped fuel a 36% surge in just the last month. And zooming out, BABA boasts a 53.6% gain over the past year.

Shares of steel giants Nucor Corp (NYSE:NUE) and United States Steel Corp (NYSE:X) are surging after President Donald Trump on Sunday announced plans to impose a 25% tariff on steel and aluminum imports.

At last glance, NUE was up 5.6% at $137.51, extending its year-to-date gain to 19.8% as it rebounds from its Jan. 3, two-year low of $112.25. Meanwhile, X was last seen 2.7% higher at $37.94, now up 12.1% in 2025 and earlier breaking above recent resistance at the $38 region.

Call traders are reacting positively to the news, with Nucor stock already seeing four times its average intraday call volume, while United States Steel stock has seen double the usual number of bullish bets at this point in the trading session. For NUE, the most active contract is the March 140 call, and for X it's the March 55 call.

ON Semiconductor Corp (NASDAQ:ON) stock is down 5.1% to trade at a two-year low of $48.55 at last check, after the chip concern missed top- and bottom-line estimates for the fourth quarter and issued a dismal fiscal first-quarter forecast. The company attributed the lackluster results and outlook to weaker demand from automakers.

ON carries a 39.7% year-over-year deficit, and is gapping below recent support at the $50 level, after failing to conquer its 20-day moving average in the previous session. Shares are fresh off a third-straight weekly loss, and eyeing their biggest single-day percentage dip in a month.

Short sellers are building their positions. Short interest added 8.7% in the last two reporting periods, and the 28.48 million shares sold short make up 6.7% of the stock's available float.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ON's 50-day put/call volume ratio of 1.75 sits higher than 92% of readings from the past year. This indicates traders have been much more bearish than usual.

Options bears are doubling down today, with 17,000 puts exchanged so far today, which is 10 times the volume typically seen at this point. The most popular contract is the March 40 put, with new positions being sold to open there.

Shares of McDonald's Corp (NYSE:MCD) are higher before the bell, last seen up $1.44 at $298.55. Driving this morning's surge is a surprising 0.4% jump in quarterly global same-sales, a large contrast to analysts' estimated 0.63% drop. For the fourth quarter, the fast food chain posted an adjusted earnings per share of $2.83, which was in line with estimates, while its $6.39 billion in revenue missed expectations.

Today's climb will bring a welcome boost to both the equity's year-to-date and year-over-year readings, both of which sit just above breakeven. MCD late last week broke above long-term overhead pressure at the 50-day moving average, and with today's surge in tow, shares could be eyeing their highest close since mid-December.

Analysts have yet to chime in on McDonald's earnings performance, but heading into today sentiment looked split. In fact, there looks to be plenty of room for upgrades, with 13 of the 34 covering brokerages sporting a tepid "hold" recommendation.

Calls have been popular of late, per MCD's 50-day call/put volume ratio of 2.42 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 99% of annual readings. Further, the security’s Schaeffer’s Volatility Scorecard (SVS) sits at 73 out of 100, indicating the stock tends to exceed volatility expectations.