Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Amazon.com Inc. (NASD: AMZN), where a total volume of 42,641 contracts has been traded thus far today, a contract volume which is representative of approximately 4.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 115.2% of AMZN's average daily trading volume over the past month, of 3.7 million shares. Particularly high volume was seen for the $740 strike call option expiring July 22, 2016, with 3,127 contracts trading so far today, representing approximately 312,700 underlying shares of AMZN. Below is a chart showing AMZN's trailing twelve month trading history, with the $740 strike highlighted in orange:
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