Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Oct 21, 2020 at 11:14 AM
Updated on Oct 21, 2020 at 12:14 PM
  • Intraday Option Activity
  • Buzz Stocks
 
Published on Oct 21, 2020 at 10:58 AM
  • Buzz Stocks

Pinterest Inc (NYSE:PINS) just opened to an all-time high of $50.90 this morning, surging on a double upgrade from BofA Global Research, which lifted its rating to "buy" from "neutral," and hiked its price target to $58 from $45. The analyst cited sector peer Snap's (SNAP) blowout earnings report, which it saw as a sign that the online advertising space in on the mend. At last glance, PINS is trading up 13% at $51.22. 

This bull gaps has PINS effectively toppling a recent ceiling at the $46 mark, and puts the security on track for its fifth monthly win. The equity has been on a roll since gapping back above the $28 mark in August, with several layers of support leading it higher, including the 40- and 10-day moving averages. For the year, Pinterest stock now boasts an impressive 173.2% lead. 

Circling back to analyst sentiment. A number of those in coverage haven't yet warmed up to the equity, leaving the door wide open for others to follow BofA Global Research's lead. Coming into today, nine of the 20 in coverage still consider the equity a "hold." Plus, the 12-month consensus price target of $42.23 is an 18.3% discount to current levels. 

Options are already flying off the shelves, with 81,000 calls and 23,000 puts exchange within the first hour of trading. The weekly 10/23 51- and 50-strike calls are the most popular, and it appears positions are being sold to open at both.

Meanwhile, short sellers are likely kicking rocks today. Short interest has skyrocketed during the last two reporting periods, up 40.5%. The 20.45 million shares sold short make up a hefty 23.7% of PIN's available float, and would take a little over a day to cover, at the equity's average pace of trading. 

Published on Oct 20, 2020 at 1:56 PM
  • Intraday Option Activity
  • Earnings Preview
J.P. Morgan Securities just upped its price target to $1,115 from $1,040. Though the analyst held its neutral rating, it noted that Chipotle's data has gotten consistently better over the pas couple months, with quick service and all-store sales seeing improvement in September. J.P. Morgan did add, however, that the "recovery trade" is already "deeply played," and that monthly improvement is now a given for most securities. 
Published on Oct 20, 2020 at 10:14 AM
  • Intraday Option Activity
Cincinnati-based PG has been climbing the charts this year, quickly overcoming a volatile spring and its late-March lows, with some help from its 40-day moving average. In fact, Procter & Gamble stock reached a new all-time high of $145.87 last Friday, though the $145 level has worked as a ceiling since then.
Published on Jul 1, 2020 at 3:29 PM
Updated on Oct 14, 2020 at 10:30 AM
  • Buzz Stocks
  • Intraday Option Activity

The health crisis forced Macy's (M) to tap credit lines, lay off thousands of employees and suspend dividends and buybacks in order to stay afloat.

Published on Oct 13, 2020 at 9:16 AM
  • Buzz Stocks

JPMorgan Chase & Co. (NYSE:JPM) is kicking off the latest earnings season on a high note. The stock is up 0.6% at $103 this morning, after the bank company posted third-quarter profits of $2.92 per share, and $29.1 billion in revenue -- exceeding Wall Street's estimates. JPMorgan also announced 4% growth for the quarter, citing lower-than-expected credit loss provisions, and the recent trading boom. 

Now, JPM is poised for its highest close in over a month. The stock has had a positive run on the charts this month, with recent support coming in at the 10-day moving average. Month-to-date, the security is up over 6.4%, though familiar pressure at the $104 mark looms up ahead. Plus, JPM is squaring back up with its 190-day moving average -- a trendline that snuffed out its early June rally. 

Analysts have yet to comment on today's news, though the door looks open for bull notes, especially if JPM manages to take back those previously mentioned technical levels. Coming into today, 10 members of the brokerage bunch called the equity a "buy" or better, while seven said "hold," and one called it a "strong sell." The 12-month consensus price target of $116.10, on the other hand, is a solid 11.4% premium to last night's close. 

Options bulls, meanwhile, look to be fully on board, per JPM's 50-day call/put volume ratio of 3.13 at the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands in the 72nd percentile of its annual range, implying a healthier-than-usual appetite for long calls of late. 

Published on Oct 7, 2020 at 2:54 PM
Updated on Oct 8, 2020 at 8:08 AM
  • Analyst Update
  • Intraday Option Activity
The shares of Levi Strauss (LEVI) are up 5.4% at $15.54 at last check, after the apparel company reported better-than-expected fiscal third-quarter earnings and revenue.
Published on Sep 29, 2020 at 12:19 PM
Updated on Sep 29, 2020 at 1:22 PM
  • Buzz Stocks
 
Published on Sep 29, 2020 at 11:25 AM
  • Earnings Preview

 

 
Published on Sep 24, 2020 at 10:41 AM
  • Buzz Stocks
 
Published on Sep 24, 2020 at 9:18 AM
  • Buzz Stocks

Darden Restaurants, Inc. (NYSE:DRI) stock is on the rise this morning, following the Olive Garden parent's fiscal first-quarter earnings of 56 cents per share, which exceeded Wall Street's estimates of 5 cents per share. Revenue, meanwhile, missed analysts' estimates, with sales at roughly 82% of the prior year's levels. At last check DRI is up 3.3% at $93.01.

While Darden stock has made a valiant effort to separate itself from its mid-March trough, it still has quite a ways to go before reclaiming its pre-pandemic levels. The stock seems to have plateaued just below the 320-day moving average, too, though former pressure at the 180-day moving average seems to have moved in as support in the past month. For the year DRI is still down about 17%. 

Analysts have remained mum this morning, but optimism prevails among the brokerage bunch. Fifteen in coverage consider DRI a "buy" or better, compared to nine "hold" ratings. The consensus 12-month price target of $92.67, meanwhile, is a 3% premium to last night's close. 

The options pits tell a different story. This is per Darden's 50-day put/call volume ratio of 1.74 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands in the slightly elevated 68th percentile of its annual range, suggesting a healthier-than-usual appetite for long puts of late. 

Echoing this, DRI's Schaeffer's put/call open interest ratio (SOIR) of 1.68 stands higher than 92% of readings from the past year. This implies short-term option traders have rarely been more put-biased. 

 

Published on Sep 23, 2020 at 2:46 PM
  • Analyst Update
  • Quantitative Analysis

 

 

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