Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Sphere Entertainment Co (SPHR), where a total volume of 15,527 contracts has been traded thus far today, a contract volume which is representative of approximately 1.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 208.6% of SPHR's average daily trading volume over the past month, of 744,440 shares..