Calls Are Stacking Up in Defense, Biotech, and Heavy Industry
By Steve Strazza
April 9, 2026
This note highlights a select group of stocks showing the most unusual — and highly directional — options activity.
The goal is simple: follow the big money and trade in the direction of the underlying trend.
Here is the list of Unusual Options activity from April 9:
*Click to enlarge view
Babcock & Wilcox Enterprises $BW — Industrial energy names are quietly drawing attention as the grid modernization and nuclear services build-out keeps gathering momentum.
Bullish flow showed up with 600 contracts of the 8/21 $25 calls, a sizeable bet on a stock that has recently completed a fresh trend reversal.
Arrowhead Pharmaceuticals $ARWR — Biotech is back on the radar as RNA-targeted therapies gain credibility.
Traders positioned with 739 contracts of the 9/18 $80 calls and $665K in premium — one of the biggest dollar commitments of the day.
Power Solutions International $PSIX — Industrial engine makers are seeing renewed interest as energy infrastructure demand and power generation spending accelerate.
Longer-dated interest hit the tape with 164 contracts of the 8/21 $120 calls, an aggressive strike that points to expectations of a sharp move in this under-the-radar industrial name.
