Published on Mar 22, 2023 at 3:06 PM
  • Buzz Stocks

GameStop Corp's (NYSE:GME) surprise fourth-quarter results beat sent its shares soaring today, giving other former meme stocks a lift as well. The video game name posted its first profitable quarter in two years, while its gross margin also rose year-over-year. At last glance, GME was up 41% at $24.87, earlier trading as high as $27.00.

GameStop stock was heavily shorted coming into today, with short interest representing 22.1% of the stock's available float. It would take over 12 days to buy back these bearish bets, at GME's average pace of trading.

Today's bull gap has GameStop stock breaking above a confluence of moving averages above the $7 level, including its 120-day trendline, which kept a cap on its early-February rally. GME has also moved into positive territory in 2023, now up 32.5% year-to-date. 

So far today, 354,000 calls and 252,000 puts have been exchanged, which is 10 times the amount typically seen at this point. The weekly 3/24 25-strike call is the most active, followed by the 30-strike call in the same weekly series, with new position being opened at both. 

Options bulls were targeting the security ahead of today as well. GME's 50-day call/put volume ratio of 2.97 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year. 

Meanwhile, the pair of analysts covering GME lean pessimistic, with one a "hold" and one "strong sell," though the 12-month consensus price target of $13.25 is now a 45% discount to current levels. Wedbush today raised its price target to $6.50 from $5.30, however. 

Published on Mar 16, 2023 at 3:10 PM
  • Buzz Stocks

Though bank stocks have been center stage of late, there are plenty of other noteworthy stocks to take a look at. Specifically, we're taking a look at a few of the names moving on analyst notes. 

Options Traders Target Foot Locker Stock

Foot Locker Inc (NYSE:FL) is up 5% to trade at $43.10 at last glance, after Telsey Advisory upgraded the stock to "outperform" from "market perform," with a price-target hike to $50 from $39. The shares are attempting to break back above their 40-day moving average, which acted as support before Monday's bear gap. On track for its third-straight day of gains since that drop, the equity is up 14% year-to-date.  

Options traders are circling FL at four times the typical volume seen at this point, with 6,830 calls and 6,783 puts exchanged so far. The March 42 call is the most popular, followed by the April 35 put, with new positions being opened at the latter. 

Progressive Stock Moving Back Toward Highs

Wells Fargo upgraded Progressive Corp (NYSE:PGR) to "overweight" from "underweight," and raised its price objective to $158 from $116, boosting the stock 5.4% to trade at $142.34 at last glance. Longer term, PGR has support at its 100-day moving average, which caught this month's pullback after its Mar. 6 record high of $146.50. 

Call traders are targeting PGR amid the climb, with 2,715 calls across the tape so far -- triple the intraday average. The April 150 call is the most popular, followed by the May 145 call. 

Square Stock Continues Bounce

Block Inc (NYSE:SQ) received an upgrade from Mizuho to "buy" from "neutral," with a price-target hike to $93 from $80. SQ is up 1.5% at $75.21 at last glance, and on track for its third-straight day of gains. A confluence of moving averages helped provide support for the stock's most recent pullback, most notably the 120-day trendline. Year-over-year, the equity is down 35.2%, but hanging on to a 19.7% year-to-date lead. 

Published on Mar 9, 2023 at 2:54 PM
  • Buzz Stocks

The stock market has had a volatile day, as investors unpack jobs data and recent comments from Fed Chair Jerome Powell, while looking ahead to tomorrow's nonfarm payrolls report. In the meantime, we're taking a closer look at a few stocks making big moves today. 

Options Traders Blast Sinking Bank Name

SVB Financial Group (NASDAQ:SIVB) is plummeting on the charts, after the firm this morning announced that it will offer $1.25 billion of its common stock and $500 million of depositary shares. Silvergate Capital's (SI) liquidation announcement and subsequent record low for its shares is weighing on the bank sector as well. 

At last glance, SIVB was down 47.2% at $141.44, and trading at its lowest levels since the start of the pandemic. This bear gap has the shares below all notable short- and long-term moving averages, including former support at its 100-day trendline. Year-over-year, the equity is down 73.4%. 

Options traders are blasting SVB Financial stock amid the negative price action, with 18,000 calls and 21,000 puts exchanged so far -- 52 times the intraday average. The April 200 call is the most popular, with new positions being opened there. 

Revenue Miss Hits JD.com Stock

China-based e-commerce stock JD.com Inc (NASDAQ:JD) is down 10.5% to trade at $42.05 at last glance, after the company's fourth-quarter revenue miss. Now trading at its lowest levels since early November, the equity is down 25% year-to-date. Plus, JD's descending 20-day moving average has been guiding the shares lower for the past month. 

Over in the options pits, 113,000 calls and 65,000 puts have crossed the tape, which is four times the intraday average volume. The weekly 3/10 42-strike put is the most popular, with new positions being bought to open there. 

General Electric Stock Hits Highest Level Since 2018

On the other hand, the shares of General Electric Co (NYSE:GE) are up 6.5% at $92.62 at last glance, earlier hitting a five-year high of $94.94. The company reaffirmed its strong 2023 guidance earlier in the day, and then later unveiled a plan for a spinoff of its power business, GE Vernova, during its investor meeting. Year-to-date, the equity is up 42%. 

Options traders are targeting GE at five times the intraday average, which is 3.7 times the usual daily volume already. So far, 44,000 calls and 35,000 puts have exchanged hands, with the weekly 3/10 94-strike call seeing the most activity. 

Published on Oct 26, 2022 at 11:14 AM
  • Buzz Stocks
Today, options bulls are chiming in at double the intraday average volume, with 9,755 calls exchanged, in comparison to 3,250 puts. The November 40 call is the most active contract, followed by the weekly 10/28 38-strike call. 

 

Published on Oct 25, 2022 at 11:00 AM
  • Buzz Stocks

So far, 59,000 calls have crossed the tape -- five times the intraday average -- in comparison to 11,000 puts. The weekly 10/28 60-strike call is the most popular by far, with new positions being opened there. 

 

Published on Oct 20, 2022 at 2:52 PM
  • Buzz Stocks
Options traders are targeting the security at five times the intraday average volume. So far, 182,000 calls and 223,000 puts have been exchanged. The October 18 put is the most popular, followed by the March 17 put, with new positions being opened at both. 
Published on Oct 18, 2022 at 3:14 PM
  • Buzz Stocks
So far, 8,145 calls and 1,165 puts have crossed the tape -- 17 times the volume typically seen at this point. The January 2023 15-strike call is the most popular, followed by the October 15 call, with new positions being opened at both. 
Published on Oct 12, 2022 at 11:07 AM
Updated on Oct 12, 2022 at 11:48 AM
  • Buzz Stocks

PepsiCo Inc (NASDAQ:PEP) is one of the first companies to kick off the new earnings season, announcing its third-quarter report before the bell this morning. The beverage giant posted earnings of $1.97 per share on revenue of $21.97 billion, both higher than the $1.84 per share and $20.84 billion analysts anticipated. PepsiCo also lifted annual revenue and profit expectations on strong demand for soda and snacks, despite price increases. 

At last glance, PepsiCo stock was up 4.6% to trade at $170.10, with rival Coca-Cola (KO) getting a boost from the report as well. Though PEP had been moving lower since its Aug. 17 record high of $181.07, it still sports a 7.5% year-over-year lead. Today's pop also has shares back above the 320-day moving average.

Unsurprisingly, options traders were quick to the draw this morning. So far, 22,000 calls and 17,000 puts have crossed the tape, which is seven times the intraday average. The October 170 call is the most active, with new positions currently being bought to open there. 

This denotes a shift in sentiment, per PepsiCo stock's 10-day put/call ratio of 1.00 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 92% of annual readings.

Analysts have yet to respond to the news, though the majority are already bullish. Of the 11 firms in coverage, eight carry a "strong buy" rating, and three a "hold." Plus, the 12-month consensus target price of $181.73 sits at a 7.5% premium to current levels. 

Published on Oct 12, 2022 at 10:54 AM
  • Buzz Stocks
 
Published on Oct 10, 2022 at 10:19 AM
  • Analyst Upgrades
  • Buzz Stocks
Options bulls are targeting the security today, with 2,360 calls crossed the tape, which is double the intraday average, as opposed to the 322 puts exchanged. The most popular contract is the 10/14 34-strike call, where new are positions being opened.  
Published on Oct 4, 2022 at 1:58 PM
Updated on Oct 5, 2022 at 9:18 AM
  • Buzz Stocks
Today, 1,576 calls have crossed the tape, which is 175 times the intraday average, alongside 1,466 puts -- six times what's typically seen at this point. The October 30 call is the most popular, with new positions being bought to open there. 
Published on Sep 13, 2022 at 12:27 PM
  • Buzz Stocks
So far, 42,000 puts have crossed the tape -- eight times the intraday average -- in comparison to just 2,092 calls. The November 13 and 8 puts are the most popular contracts, with new positions being opened at both. 

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