Significant Options Activity on Tuesday: LULU, CVNA, PMT
Carvana Options Activity: Carvana Co (CVNA) has seen a significant options volume of 50,481 contracts today, equating to about 5.0 million underlying shares, which is 123.1% of its average daily trading volume over the past month.
High Volume Call Option: The $500 strike call option for CVNA, expiring on December 19, 2025, has particularly high activity with 3,198 contracts traded, representing approximately 319,800 underlying shares.
Pennymac Options Activity: Pennymac Mortgage Investment Trust (PMT) has recorded an options volume of 8,027 contracts today, which corresponds to around 802,700 underlying shares, or 96.1% of its average daily trading volume.
High Volume Put Option: The $10 strike put option for PMT, expiring on April 17, 2026, has seen substantial trading with 7,526 contracts, representing about 752,600 underlying shares.
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PennyMac Mortgage Trust to Announce Q4 Earnings on January 29
- Earnings Announcement Schedule: PennyMac Mortgage Investment Trust is set to release its Q4 earnings on January 29 after market close, with consensus estimates of $0.39 EPS and $96.96 million in revenue, indicating investor interest in the company's financial performance.
- Historical Performance Review: Over the past year, PennyMac has beaten EPS estimates 75% of the time, although it has only surpassed revenue estimates 25% of the time, reflecting stability in profitability but challenges in revenue growth.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen two upward revisions and one downward revision, while revenue estimates have experienced one upward and one downward revision, indicating mixed market sentiment regarding the company's future performance.
- Bond Refinancing Plan: PennyMac plans to reopen $75 million of 2029 notes, demonstrating the company's activity in the capital markets and proactive consideration of future financing needs.

PennyMac Reports Q4 2025 Earnings Highlights
- Net Income Performance: PennyMac reported net income of $42 million for Q4 2025, reflecting a 13% annualized return on common equity, although this is a decrease from $48 million in Q3, indicating increased competitive pressures in the market.
- Accelerated Securitization Activity: The company successfully completed 19 securitizations totaling $6.7 billion in UPB in 2025, a substantial increase from just 2 in 2024, highlighting its strengthened position in the non-Agency MBS market.
- Capital Allocation Strategy: PennyMac plans to complete approximately 30 securitizations in 2026, targeting returns in the low to mid-teens, which reflects its ongoing focus on high-return assets and strategic capital flexibility.
- Risk Management and Market Dynamics: Management emphasized the need to monitor the impact of increased prepayment speeds on MSR returns and expressed willingness to consider MSR sales if necessary to address competitive pressures and capital management needs.






