Premarket Calls and Puts, October 20, 2026

Provisional plan on last night’s closing chains. The 10:00 AM run confirms on live quotes.

Today’s Catalysts

Premarket reporters, all this morning:

• RTX beat big, $2.26 actual vs $1.78 estimate, up about 27 percent.
• NOC beat, $7.89 vs $7.19.
• GE beat on EPS, $2.25 vs $2.01, but the stock gapped down hard, read as a guidance miss.
• HAS beat sharply, $2.90 vs $1.85, stock up on it.
• GM beat, $3.70 vs $3.61, but also gapped down hard.
• SYF beat, $2.68 vs $2.42.

Call Candidates

HAS. Price $100.49 premarket, above a rising 50 day SMA of $92.46, RSI 69.9, supertrend up (trail $90.77). Clean trend confirm. Provisional contract, Nov 20 $95 call, delta 0.66, premium $6.25 closing mark, breakeven $101.25. Last night’s marks show a 53 percent spread (bid $4.60, ask $7.90) and only 1 contract of volume. Not tradeable on these marks, needs a live reprice once today’s gap is priced in.

Put Candidates

GE. Gapped down about 3.9 percent premarket to $299 despite the EPS beat, guidance read as the problem. Price below a falling 50 day SMA of $329.26, RSI 44, supertrend down (trail $324.75). Provisional contract, Nov 20 $310 put, delta 0.45, premium $12.48 closing mark, breakeven $297.52. Spread 12.4 percent on last night’s marks, volume only 189.

GM. Gapped down about 7.7 percent premarket to $76.39 despite the EPS beat. Price below a falling 50 day SMA of $84.25, RSI 50, supertrend down (trail $86.30). Provisional contract, Nov 20 $82.5 put, delta 0.46, premium $3.33 closing mark, breakeven $79.17. Spread 19.5 percent on last night’s marks, volume only 26.

Both GE and GM greeks above were computed on yesterday’s closing price, before this morning’s gap. They will reprice meaningfully once the market opens.

Rejected, and why

• RTX, NOC both beat on earnings but sit below their 50 day SMA. Call blocked by trend, no exceptions.
• SYF, KEY mixed signal. Both beat, both sit a touch under their 50 day, but neither gapped meaningfully either direction. No clean trend to trade.
• MLI missed on EPS and gapped down, but the Nov 20 put chain has only 473 open interest, under the liquidity floor, and a 45 percent spread. Chain too thin to trade regardless of the setup.

The tape is set up as an earnings reaction day, not a macro day. Four of six premarket reporters beat estimates, but two of them, GE and GM, gapped down hard anyway, which usually means the print was fine and the guidance wasn’t. That split, beat the number but miss the outlook, is where today’s real moves are. The setup would be invalidated by a broad reversal at the open that erases the premarket gaps in GE and GM, which would say the market is fading the initial reaction rather than confirming it. The 10 AM run reprices HAS, GE, and GM live and issues the real verdict.