Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Mar 3, 2023 at 12:15 PM
  • Midday Market Check
Published on Mar 3, 2023 at 10:45 AM
  • Intraday Option Activity
  • Analyst Upgrades
So far today 24,000 calls have been exchanged -- six times the intraday average volume -- compared to 13,000 puts. New positions are opening at the three most popular contracts, which are the weekly 3/3 210- and 205-strike calls, and the 200-strike put.
Published on Mar 3, 2023 at 10:37 AM
  • Intraday Option Activity
  • Buzz Stocks
Overall options volume is today running at 10 times the intraday average, with 26,000 calls and 19,000 puts across the tape so far. The most popular contract is the 3/3 460-strike put, followed by the 480-strike call in that weekly series, with positions currently being opened at both. 
Published on Mar 3, 2023 at 9:12 AM
Updated on Mar 3, 2023 at 9:21 AM
  • Opening View

Stock futures are pointed higher this morning, set to extend yesterday's gains as U.S. Treasury yields pull back. Comments from Atlanta Federal Reserve President Raphael Bostic favoring a 25 basis point rate hike are encouraging traders, as they wait for the latest Institute of Supply Management (ISM) non-manufacturing purchasing managers' index (PMI) reading.

Futures on the Dow Jones Industrial Average (DJIA) were last seen 107 points higher, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also set to open firmly in the black. For the week, all three major benchmarks are eyeing wins.

Continue reading for more on today's market, including:.

  • How options traders played Kroger's earnings report.
  • Why this crypto stock plummeted to record lows.
  • Plus, praise for AAPL; Procter & Gamble stock upgraded; and Costco's revenue miss.

OV 0303

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 854,178 put contracts traded on Thursday. The single-session equity put/call ratio dropped to 0.81 and the 21-day moving average stayed at 0.79.
  2. Morgan Stanley raised its price target on Apple Inc (NASDAQ:AAPL) to $180 from $175, a 23% premium to last night's close. The analyst cited strong iPhone demand and gross margins, services growth, and new product launches. AAPL is up 0.9% ahead of the open and sports a 12.3% lead so far this year.
  3. Procter & Gamble Co (NYSE:PG) stock is up 1% before the bell, after scoring an upgrade from JP Morgan to "overweight" from "neutral." The brokerage said the company may become an earnings compounder later this year and has a resilient consumer base. Year-to-date, PG is up 7.7%.
  4. The shares of Costco Wholesale Corporation (NASDAQ: COST) are down 2.2% in premarket trading, after the retailer announced a fiscal second-quarter revenue miss, while earnings came in above expectations. No fewer than three analysts cut their price targets, including Telsey Advisory Group to $540 from $580. COST is down 8.2% year-over-year.
  5. The ISM non-manufacturing PMI comes out later this morning.

OV Buzz Chart March 3

Asian Markets Rise on Fresh Economic Data

Asian markets finished the day higher on Friday, after China’s Caixin/S&P Global services purchasing manager’s index (PMI) came in at 55 in February, rising from January’s 52.9. Easing inflation levels in Japan pushed the Nikkei to log a 1.6% rise. Meanwhile, Hong Kong’s Hang Seng rose 0.7%, China’s Shanghai Composite added 0.5%, and the South Korean Kospi tacked on 0.2%. 

In Europe, more inflation data rolled in. A flash estimate for the euro zone showed inflation easing to 8.5% from 8.6%, though still above analyst expectations. London’s FTSE 100 is inching lower, down 0.01% at last glance, while the French CAC 40 and German DAX rise 0.7% and 0.9%, respectively. 

Published on Mar 2, 2023 at 4:32 PM
Updated on Mar 2, 2023 at 4:32 PM
  • Market Recap

Higher interest rates failed to drag down investor sentiment, and the Dow added more than 340 points for its best session in nearly a month. The S&P 500 and Nasdaq reversed their earlier losses, even after the 10-year Treasury yield climbed above 4% and the 2-year yield hit levels not seen since July 2007. 

Continue reading for more on today's market, including:

  • These 3 stocks made big moves today.
  • This homes goods stock could extend its rally.
  • Plus, next week's highlights; the latest post-earnings surge; and behind Tesla's stock slide.



5 Things to Know Today 

  1. A group of U.S. lawmakers are pressuring the world's largest crypto exchange Binanace for financial information. (CNBC)
  2. Ford Motor (F) revealed its new artificial-intelligence (AI) unit that is focused on driverless cars. (MarketWatch
  3. What we're looking forward to next week.
  4. Grocery giant enjoyed a post-earnings surge.
  5. Tesla stock powered down after Investor Day.

Corporate Earnings March 2


Gold Prices Snap 3-Day Winning Streak

Oil futures closed at their highest level in two weeks, as demand outlook improved in the U.S. and encouraging economic data rolled out in China. In response, April-dated crude futures tacked on 47 cents, or 0.6%, to close at $78.16 per barrel.

Gold prices snapped their three-day winning streak, after the U.S. dollar regained strength. For the session, April-dated gold futures shed $4.90, or roughly 0.3%, to settle at $1,840.50 per ounce.

Published on Mar 2, 2023 at 3:18 PM
  • Quantitative Analysis

The shares of Williams-Sonoma, Inc. (NYSE:WSM) are down 0.7% to trade at $122.69 this afternoon, as shares continue to cool down from an early February rally to the $146 region -- their highest level since September. Though the security still carries an 18.1% year-over-year deficit, it has added 6.8% so far in 2023, and may soon extend its lead thanks to a historically bullish trendline.

More specifically, WSM is within one standard deviation of its 60-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the equity saw five similar signals over the last three years, and was higher one month later 80% of the time to average an 11.6% gain. A move of similar magnitude from its current perch would place shares just shy of $137.

WSM 60 Day

Short sellers are already hitting the exits, with short interest down 7.2% in the last two reporting periods. The 9.55 million shares sold short still account for 14.5% of Williams-Sonoma stock's available float, suggesting a further unwinding of pessimism may also boost the shares.

Additional tailwinds could stem from a sentiment shift among short-term options traders. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 3.01, which sits in the 90th annual percentile, meaning these traders have rarely been more put-biased.

Published on Mar 2, 2023 at 1:49 PM
  • Intraday Option Activity
  • Buzz Stocks
Published on Mar 2, 2023 at 1:00 PM
  • The Week Ahead
Published on Mar 2, 2023 at 12:34 PM
  • Midday Market Check
Published on Mar 2, 2023 at 10:42 AM
  • Intraday Option Activity
  • Buzz Stocks
So far, 7,763 calls and 5,377 puts have crossed the tape, which is nine times the intraday average. Most popular is the 3/3 45-strike call, followed by the 46-strike call in that weekly series, with new positions opening at the latter.
Published on Mar 2, 2023 at 9:07 AM
Updated on Mar 2, 2023 at 9:15 AM
  • Opening View

Bond yields are still on their way higherwith the 2-year Treasury yield hitting its highest level in 10 years this morning. Tesla's (TSLA) lackluster investor day is not helping sentiment, while traders digest yet another wider-than-expected drop in jobless claims, which have now held below 200,000 for seven consecutive weeks. 

At last check, Dow Jones Industrial Average (DJIA) futures are pointed modestly higher, while futures on both the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are eyeing sharp losses.

Continue reading for more on today's market, including:.

OV 0302

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 995,899 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.97 and the 21-day moving average stayed at 0.79.
  2. JP Morgan and Barclays downgraded Nio Inc (NYSE:NIO) to "neutral" and "equal weight" from "overweight," respectively, and cut their price targets to $10. The former noted high expectations around the electric vehicle (EV) maker, with two other firms cutting their price targets as well. Nio just announced worse-than-anticipated fourth-quarter losses, pushing shares 3.3% lower ahead of the open. NIO is down 59.6% year-over-year.
  3. The shares of Macy's Inc (NYSE:M) are up 6.2% in premarket trading, after the massive retailer's fourth-quarter profits beat estimates, while revenue was in line with expectations. Macy's stock carries a 16.7% year-over-year, deficit, though.
  4. Disappointing current-quarter revenue guidance is weighing on Snowflake Inc (NYSE:SNOW) stock, which was last seen down 9% before the bell. The cloud computing company's fourth-quarter earnings and revenue were better than Wall Street expected, but that hasn't stopped a slew of bear notes. SNOW is down 41.3% in the last 12 months.
  5. Check out what other economic indicators are due out this week.

OV Buzz March 2

European Markets Mostly Lower on Inflation Data

Markets in Asia closed mostly in the red Thursday, as investors kept a close watch on Fed speakers over in the U.S. Suppliers for Tesla (TSLA) were also at the forefront of market buzz, after the electric vehicle (EV) maker’s Investor Day brought lackluster details for new products. Japan’s Nikkei and China’s Shanghai Composite both closed just below breakeven, while Hong Kong’s Hang Seng settled with a 0.9% deficit. South Korea’s Kospi was the only winner, up 0.6%.

Euro zone inflation came in at 8.5% for the month of February, more than the anticipated 8.2%. France and Spain, meanwhile, saw an unexpected surge in inflation, and Germany welcomed a flash estimate rate of 9.3% for last month. At last glance, London’s FTSE 100 is down 0.1%, Germany’s DAX is off 0.4%, and France’s CAC 40 is sitting at breakeven.

Published on Mar 2, 2023 at 8:59 AM
  • Buzz Stocks

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