$SPOT Surges 11% While Semiconductor ETF $SMH Drops 6%

Several major post-earnings moves are standing out in today’s market.
$SPOT surged roughly 11% after delivering strong profit guidance.
Despite the sharp rally, options activity showed only about $57,000 in net premium, suggesting positioning was relatively light compared with the magnitude of the stock move.
$IBM saw a more mixed reaction following earnings, with approximately $233,000 in net premium recorded.
Semiconductors moved sharply in the opposite direction.
$SMH fell roughly 6% as the broader chip trade came under pressure.
The ETF also recorded around $2.5 million in short premium during the selloff, showing much heavier bearish positioning than the flow seen in Spotify.
The contrast is notable: $SPOT delivered one of the strongest upside moves despite limited premium activity, while semiconductor weakness attracted significantly larger downside positioning.
It is another reminder that options flow can provide useful positioning context, but does not always predict the size or direction of the underlying move.