Options Traders Blast Nordstrom Stock After Surprise Profit

JWN options volume is running hot today after earnings

Digital Content Manager
Jun 1, 2023 at 10:40 AM
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Nordstrom Inc (NYSE:JWN) reported a surprise first-quarter profit of 7 cents per share this morning, compared to the losses of 13 cents per share analysts anticipated. In addition to a revenue beat, the retailer attributed these results to resilient demand from wealthy consumers and improved inventory management. JWN was last seen up 0.8% at $15.42.

Options traders are already blasting Nordstrom stock, with 22,000 puts and 13,000 calls exchanged so far, volume that's a whopping 27 times what is typically seen at this point. The most popular contract is the July 15 put, followed by the weekly 6/2 19-strike call, with new positions being opened at both.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 4.12 ranks in the 95th percentile of annual readings. This means long calls have been getting picked up at a quicker-than-usual clip.

Nordstrom stock remains awfully close to its May 4 multi-year low of $14.02. The shares are also below their year-to-date breakeven level and are off by 39% in the last 12 months. 

 

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