Snowflake will announce earnings after the close today
Though the market will be focused on the highly-anticipated Nvidia (NVDA) report, cloud name Snowflake Inc (NYSE:SNOW) will also announce its latest quarterly earnings after the close today. SNOW is climbing ahead of the event, up 1.7% at $167.15 at last glance, and looking to snap a five-day losing streak. The equity bounced off a familiar line of support at the $160 level, the site of its November post-earnings bull gap of 32.7%, and remains 8.1% higher in 2025.
Despite last quarter's surge, SNOW has a fairly dismal history of post-earnings moves. Over the last two years, the stock has only closed two next-day sessions with gains, and both were in November. Options traders are pricing in an 18.7% move for Thursday, regardless of direction, which is slightly larger than the 14% move the stock has averaged over the past eight quarters.
Analysts are optimistic leading up to the event, however. SNOW received a flood of price-target hikes over the last two weeks, while both Wolfe Research and BTIG upgraded the stock to "buy" last week. Further, of the 42 analyst in coverage, 34 sport a "buy" or better rating.
Call traders have been chiming in as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Snowflake stock's 50-day call/put volume ratio of 3.29 ranks in the 98th percentile of its annual range, while its 10-day call/put volume ratio of 3.61 ranks in the 85th percentile.