Traders Rush to Options Bets on Tesla, Amazon

Stock-options activity is hitting a fever pitch, with many traders rushing to bullish bets to profit from a continued advance in everything from technology heavyweights to small companies.

Bullish call-options volumes last week hit the highest level since January, when activity touched a record, Cboe Global Markets data show. These contracts give traders the right, but not the obligation, to buy shares of companies at specific prices, by a stated date.