Unusual Options Activity — Daily Top 30 Bullish & Bearish

Sep 4: -4.7% to $169.80 on 3.1x average volume after fiscal Q4 results reported Sep 3 after the close. Revenue was $898.2 million, up 25%, ARR $3.771 billion, up 25%, and non-GAAP EPS $1.19. Fiscal 2027 revenue guidance of $3.908 to $3.938 billion implies 16.6% to 17.5% growth, down from 25%, and the stock opened 6.8% lower at $166.15.

Zscaler sells cloud security through its Zero Trust Exchange, with revenue recognized as subscriptions. Q4 net new ARR was $246 million and non-GAAP operating income was a record 24% of revenue; GAAP net loss was $3.4 million. Q1 guidance is $935 to $939 million of revenue, about 19% growth, with non-GAAP EPS of $1.15 to $1.16; fiscal 2027 non-GAAP EPS is guided to $4.86 to $4.90. The stock is 49.5% below its Nov 3, 2025 52-week high of $336.27 and 43.8% above the Apr 10 low of $118.05. Call-side activity after a beat and a slowing guide is a bet that the deceleration is conservatism, which the Q1 print in December will test.

Sep 4: -17.4% to $100.61 on 9.4x average volume, its lowest close in a year, after Q2 results reported Sep 3 after the close. Revenue fell 4% to $2.4 billion and comparable sales fell 9%, with the Americas down 12%. Full-year revenue guidance was cut to $10.35 to $10.5 billion, a 5% to 7% decline, from a prior flat to down 1%. EPS guidance fell to $9.48 to $9.73 from $10.95 to $11.15.

Lululemon sells athletic apparel through 825 company-operated stores and online, and the Americas is the business that is shrinking. Q2 diluted EPS of $2.92 included $0.86 from tariff refunds, so the underlying figure was about $2.06. Q3 is guided to $2.29 to $2.32 billion of revenue, a 10% to 11% decline, with EPS of $0.93 to $0.98. The company is run by interim co-CEOs Meghan Frank and André Maestrini and bought back $330 million of stock in the quarter. The stock is 53.4% below its Jan 6 52-week high of $215.88. Call-side activity at a fresh low is a turnaround bet; the next dated test is a permanent CEO appointment and the holiday quarter.

Sep 3: +16.6% to $356.47 on 5.0x average volume after fiscal Q2 2027 results reported Sep 2 after the close. Product revenue was $1.49 billion, up 37%, non-GAAP EPS $0.62, and the full-year product revenue guide rose to $6.07 billion from $5.84 billion. The stock opened up 23.3% at $377.25 and closed 5.5% below the open.

Snowflake sells a cloud data platform priced on consumption, and this quarter was the acceleration bulls wanted. Net revenue retention was 126%, RPO $9.0 billion, up 30%, and 828 customers spent over $1 million, up 27%. The Q3 product revenue guide is $1,588 to $1,593 million, or 37% to 38% growth. Oppenheimer, BofA, Piper Sandler and Truist raised targets to between $425 and $475 on Sep 3. The close is 7.3% below the day's own 52-week high of $384.56 and about three times the Apr 10 low of $118.30. The put-side signature on a 23% gap is consistent with hedges or profit protection on a stock that just tripled in five months. Watch whether the intraday fade from the open continues.

Sep 4: +15.2% to $28.65 on 4.2x average volume after Tyra set a date for its SURF302 readout. An 8:00 am ET release said the company will host a call on Wednesday, Sep 9 at 8:00 am ET to present initial results. SURF302 is the Phase 2 study of oral dabogratinib in intermediate-risk non-muscle invasive bladder cancer. The date is the news; no data was released.

Tyra is a clinical-stage biotech built around FGFR3-selective inhibitors, and dabogratinib is its lead program. The Aug 4 quarterly report guided the readout to safety data on more than 40 patients and efficacy on more than 20, across the 50 mg and 60 mg daily doses. Cash was $353.9 million at Jun 30, with runway into the second half of 2028. The stock is 27.7% below its Apr 2 52-week high of $39.61 and 142% above the Sep 9, 2025 low of $11.82. The put-side signature two sessions before a binary readout reads as protection on a stock that just rallied into it, not a call on the data.

Sep 4: -16.6% to $15.19 on 104.4 million shares, 1.6x average volume, after fiscal Q2 results reported Sep 3 after the close. Revenue was $410 million, up 13%, ARR $1.938 billion, up 12%, and non-GAAP EPS $0.15. Full-year guidance of $1.789 to $1.794 billion of revenue and $2.065 to $2.070 billion of ARR did not change the growth story.

UiPath sells automation software and is repositioning around AI agents layered on its robotic process automation base. Q2 net new ARR was $37 million, dollar-based net retention 109%, non-GAAP operating income $89 million and free cash flow $31 million; it bought back $268.5 million of stock in the first half. Q3 is guided to $440 to $445 million of revenue and about $100 million of non-GAAP operating income. The stock is 21.3% below its Dec 8, 2025 52-week high of $19.29 and 61.9% above the Apr 10 low of $9.38. Call-side activity after a 16.6% drop on a beat is positioning for a rebound on a name whose growth remains low double digits; watch whether net retention holds above 109%.

Sep 4: +3.7% to $68.41 on 2.6x average volume after fiscal Q2 results reported Sep 3 after the close, with an intraday range of $64.16 to $70.40. Revenue was $875.7 million, up 9%, non-GAAP EPS $1.16 against $0.92 a year earlier, and full-year revenue guidance rose to $3.499 to $3.507 billion.

Docusign sells e-signature and is migrating customers to its Intelligent Agreement Management platform. IAM reached 15.1% of ARR at Jul 31 from 12.6% a quarter earlier and is guided to 18% to 19% by year-end. Non-GAAP operating margin was 31.6%, free cash flow $295.8 million, and the company repurchased $306.5 million of stock in the quarter. Q3 revenue is guided to $886 to $890 million and the full-year non-GAAP operating margin to 31.0% to 31.5%. The stock is 19.5% below its Sep 18, 2025 52-week high of $85.01 and 63.9% above the Feb 23 low of $41.75. A put-side signature after a beat-and-raise on a 9% grower reads as hedging the multiple, not the quarter.