Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jun 15, 2021 at 11:06 AM
Updated on Jun 15, 2021 at 11:09 AM
  • Buzz Stocks

In a U.S. Securities Exchange and Commission (SEC) filing, Intuit Inc. (NASDAQ:INTU) showed impressive year-over-year growth in its QuickBooks online service. According to the company, new customer acquisition surged by more than 25% for the nine months ended April 30.  

Intuit stock is brushing off the news, last seen down 0.6% to trade at $474.06, reversing opening gains that put it at an all-time high of $478.19. After gapping above $455 level on June 4, INTU carved out a channel of higher highs, and is now coming off a streak of five-straight record closes. The stock is still up 67% year-over-year. 

Analysts are overwhelmingly bullish on the equity. Fourteen consider the stock a "buy" or better, compared to four "hold" ratings, and not a "sell" to be seen. Plus, the 12-month consensus price target of $499.31 is a 5.1% premium to current levels. 

Options traders mirror this optimistic stance. This is per Intuit stock's 10-day call/put volume ratio of 2.39 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than all but 4% of readings from the past 12 months, suggesting a much healthier-than-usual appetite for long calls of late. 

And now looks like the time to bet on INTU's next move with options, as they can be had for a bargain. This is according to the stock's Schaeffer's Volatility Index (SVI) of 22%, which stands higher than just 3% of readings from the past year, and means options traders are pricing in relatively low volatility expectations for the stock at the moment. 

Published on Jun 15, 2021 at 11:07 AM
  • Buzz Stocks
 
Published on Jun 15, 2021 at 10:44 AM
  • Buzz Stocks

The shares of Fastenal Company (NASDAQ:FAST) are down 2.8% at $51.25 this morning, following a bear note from Morgan Stanley. The analyst slashed its price target to $48 from $53, and downgraded the equity to "underweight" from "equal weight."  

Today's dip has FAST looking to breach its 50-day moving average -- a trendline that's held up the equity since March. The stock just hit a record high of $54.32 on May 10, and has been consolidating below the $53.50 level ever since. Year-over-year, FAST is up roughly 26%.

Analysts were already hesitant on Fastenal stock heading into today. Of the 12 in coverage, just two called the security a "strong buy," while the remaining 10 said "hold" or worse. Plus, the 12-month consensus price target of $51.25 is a mere 0.3% premium to current levels. 

Option traders have also taken a bearish approach to Fastenal. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 1.52 puts have been picked up for every call during the past 10 weeks. This ratio stands higher than all other readings from the past year, suggesting long puts haven't been more popular during this time period. 

 

Published on Jun 15, 2021 at 9:42 AM
Updated on Jun 15, 2021 at 9:52 AM
  • Analyst Update
 
Published on Jun 15, 2021 at 7:27 AM
  • Buzz Stocks

Today's Stock Market News & Events: 6/15/2021

by Schaeffer's Digital Content Team

After a fairly quiet day yesterday on the economic data calendar, things will get busy fast for investors with retail sales, the producer price index (PPI), Empire state manufacturing index, industrial production data, business inventories, and the NAHB home builders' index slated for release. 

The following public companies are slated to release quarterly earnings reports today, June 15:

H&R Block Inc. (NYSE:HRB -- $25.52) provides assisted income tax return preparation, do-it-yourself (DIY) tax, and virtual tax preparation services and products to the general public. H&R Block will report its Q4 earnings of 2021 before the bell today.

La-Z-Boy Inc. (NYSE:LZB -- $42.49) manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products. La-Z-Boy will report its Q4 earnings of 2021 before the bell today.

Oracle Corp. (NYSE:ORCL -- $15.50) provides products and services that address enterprise information technology environments. Oracle will report its Q4 earnings of 2021 before the bell today.

StepStone Group Inc. (NASDAQ:STEP -- $31.64) is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. StepStone Group will report its Q4 earnings of 2021 before the bell today.

Looking ahead to tomorrow, Wednesday will bring building permits, housing starts, the import price index, and an update from the Federal Reserve and Fed Chair Jerome Powell. 

All economic dates listed here are tentative and subject to change.

Published on Jun 11, 2021 at 10:25 AM
Updated on Jun 14, 2021 at 3:54 PM
  • Analyst Update
Drilling down to today's options activity, 8,437 calls and 4,323 puts have crossed the tape so far, which is 13 times what is typically seen at this point. Most popular is the June 200 call, followed by the July 220 call, with new positions being opened at the former.
Published on Jun 14, 2021 at 2:58 PM
Updated on Jun 14, 2021 at 2:59 PM
  • Quantitative Analysis

 

 
Published on Jun 14, 2021 at 2:47 PM
  • Intraday Option Activity
  • Analyst Update
So far, 23,000 puts have crossed the tape, in comparison to 8,331 calls. The June 100 put is the most popular by far, with new positions being opened there. 
Published on Jun 14, 2021 at 12:46 PM
  • Intraday Option Activity
Unsurprisingly, this upbeat price action has caught the attention of options traders. So far today,116,000 calls and 33,000 puts have crossed the tape, 25 times the intraday average. 
Published on Jun 14, 2021 at 11:07 AM
  • Buzz Stocks
 
Published on Jun 14, 2021 at 10:43 AM
  • Analyst Update
 
Published on Jun 14, 2021 at 10:40 AM
  • Analyst Update
The equity's usually quiet option pits are brimming with activity today. So far, 4,813 calls have already exchanged hands, which is six times the intraday average. Most popular is the July 30 call, followed by the June 30 call.

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