Crown Holdings Stock Pops After Carl Icahn Increases Stake

CCK call traders are growing bolder

Deputy Editor
Nov 3, 2022 at 9:34 AM
facebook X logo linkedin


Crown Holdings, Inc. (NYSE:CCK) is rallying from its recent two-year lows this morning, after investor Carl Icahn upped his stake in the beverage can maker. Per the Wall Street Journal, Icahn now owns more than 8%, or roughly $700 million, of Crown Holdings, and believes the company should sell non-core units and repurchase more shares. Just last week, Crown trimmed its fiscal year guidance due to a higher dollar and energy costs.

At last glance, CCK is 4.9% higher to trade at $70.06. The shares remain below a late-October bear gap that followed rejection from the descending 40-day moving average. Since then though, the stock has consolidated around the $70 level. Any distance created from this level would be interesting to watch today.

It's also worth noting that the stock's 14-day Relative Strength Index (RSI) of 25.9 is firmly in "oversold" territory and near annual lows, meaning a short-term bounce like today could have been overdue.

Calls are growing in popularity, slowly. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CCK sports a 10-day call/put volume ratio of 0.47 that sits in the 91st percentile of its 12-month range. So while puts still outnumber calls on an absolute basis, the high percentile indicates long calls have been picked up at a much quicker-than-usual clip during the past 10 weeks.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI