10 Hot Stocks to Watch — Monday, September 28, 2026

ZS cratered 10% after promoting Ross Tackett to Chief Revenue Officer, replacing Mike Rich amid an investor day scheduled for October 6. The sharp selloff marks the stock's worst day in four months, signaling executive-transition jitters just as the cybersecurity sector rotates amid Microsoft's Copilot expansion. Options traders are hedging: heavy call volume at $200 and $217.50 strikes (Oct 2–16 expiry) suggests conviction on a bounce, while put buyers at $177.50 are securing downside ahead of the company's key presentation.

GameStop dropped 6.51% to $23.39 Friday as profit-takers overwhelmed conviction from CEO Ryan Cohen's $26.4 million insider buy earlier this week. Options markets paint a starkly different picture: call volume is surging with a 4.44 call-to-put ratio, and aggressive positioning in $24–$25 calls expiring October 2026 signals deep-pocketed investors betting on mean reversion. Watch the $25 level—sustained breaks above could validate the options positioning and test the 52-week high of $28.10.

Okta tumbled 5.54% today as cybersecurity stocks broadly retreated following their AI-fueled rally, despite fresh analyst upgrades from Bank of America and Macquarie citing a major opportunity in securing AI agents. The pullback reflects mounting skepticism over whether elevated valuations can be justified by near-term revenue acceleration, even as Wall Street acknowledges the long-term potential. Options markets show mixed conviction: heavy put activity at $195 strike paired with call clustering at $197.50–$200, suggesting traders are hedging near-term downside while positioning for a rebound by mid-October.

PayPal rallied sharply today as reports of a new buyout interest emerged following the collapse of Advent-Stripe negotiations. The options market is decisively bullish, with a 2.93 call-to-put ratio and heavy accumulation in $60 calls expiring October 2nd—signaling conviction above current levels. Traders are positioning for a breakout toward $60 within two weeks, though conviction fades above that threshold. Watch the $56 call flow for confirmation of sustained institutional demand.

Datadog rocketed 4.4% to $268.13 after Wedbush initiated coverage with an Outperform rating, lifting the cloud monitoring stock within striking distance of its $292.72 52-week peak. Options markets are flashing conviction: call-to-put ratio sits at 2.01, with heavy positioning in $300 calls expiring October 2026 (967 contracts) signaling bullish conviction above current levels. Watch the $285–$300 zone for structural resistance; a close above $280 would validate the near-term momentum.

Qualcomm climbed 3.97% to $201.97 on revived investor confidence in its automotive and AI-chip pivots, with the semiconductor giant now trading near 52-week highs. Options traders are leaning aggressively bullish: a 16.51 call-to-put ratio and 6,357 contracts of October $210 calls signal conviction above current levels. The real inflection point lies in bridging the valuation gap the market has left in non-handset segments—automotive grew 61% last quarter and the company raised its non-handset revenue target to $40B, yet equity pricing hasn't caught up. Watch the $210 strike through early October expiry; a close above unlocks momentum into year-end.

Devon Energy dropped sharply after BP terminated talks on a potential $4.5 billion acquisition of its Eagle Ford shale assets, eliminating a near-term catalyst for re-rating. The selloff contradicts robust options positioning: call-to-put ratio stands at 2.88, with heavy November 2026 call buying concentrated at $49–$50 strikes, signaling trader conviction in a recovery toward $50. Watch the $47.50 technical floor—a breach below opens downside toward the 52-week low of $31.47.

Intel slipped today even as management signals server CPU demand exceeds supply by a significant margin, underscoring investor skepticism over sustainability after a 40%+ September rally. Options markets remain constructively positioned with a 1.93 call-to-put ratio and heavy concentration in $124–$130 calls expiring late September through early October, suggesting traders expect a rebound near-term. History poses a headwind: four of Intel's five best years since 1981 were followed by declines, raising questions about whether 2027 can break that pattern after 2026 projects as its strongest year in over four decades.

Meta dropped 3.33% to $751.66 after losing a New Mexico civil verdict over Facebook data practices, a five-year legal saga that has finally crystallized into shareholder pain. Yet options traders are painting a starkly different picture: bullish call flow has reached a 4.50 call-to-put ratio, with unusually heavy positioning in $800 calls across late September and early October expirations. The divergence reflects confidence in Meta's AI-agent narrative—particularly its Muse platform and infrastructure investments—outweighing near-term litigation headwinds. Watch the $800 level by October 2 for conviction.

Lam Research climbed 2.62% to $315.21 after management raised its 2026 wafer fab equipment forecast to the low $150B range and flagged accelerating advanced packaging revenue. The options market is flashing conviction: call-to-put ratio stands at 3.03 with heavy concentration in $322.50–$332.50 October 2026 calls, signaling investor appetite for further upside. Watch the $332.50 level—nearly 2,727 contracts in volume—as the key resistance defining near-term momentum.