Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jun 10, 2021 at 3:40 PM
  • Buzz Stocks
 
Published on Jun 10, 2021 at 2:45 PM
  • Quantitative Analysis

The shares of Wells Fargo &Co (NYSE:WFC) have enjoyed a solid run higher in 2021, adding over 50% since the beginning of the year. The security has yet to overtake its pre-pandemic levels, though, and the bank stock has been middling since May, when it ran into pressure at the $48 mark. Today, the equity is off 1.1% at $45.41, though there's reason to believe the financial name could soon break out of its holding pattern. 

Specifically, WFC just came within one standard deviation of its 40-day moving average, after a lengthy stretch above the trendline. There have been four similar signals occurring in the past three years, according to data from Schaeffer's Senior Quantitative Analyst Rocky White. WFC was higher one month after three of these pullbacks, averaging a 7.3% pop. A similar move would put the security back above aforementioned pressure at the $48 mark, for the first time since February 2020.

wfc jun 10 new

An unwinding of pessimism in the options pits could push WFC higher. At the moment, the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.91 stands higher than all other readings from the past year. This suggests short-term options traders have rarely been more put-biased. Plus, at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), WFC sports a 50-day put/call volume ratio that stands in the 96th percentile of its annual range. 

A change of tune among the brokerage bunch could also give Wells Fargo stock some upward momentum. While nine analysts covering WFC consider it a "buy" or better, seven still say "hold." 

Published on Jun 10, 2021 at 1:24 PM
Updated on Jun 10, 2021 at 2:18 PM
  • Intraday Option Activity
  • Earnings Preview
There's a flurry of activity occurring on both sides of the aisle today. Already, 54,000 calls and 24,000 puts have exchanged hands, which is triple the intraday average.
Published on Jun 10, 2021 at 1:00 PM
  • The Week Ahead

Rounding out mid-June will be a mix of economic reports and earnings. Plenty of manufacturing data will be highlighted this week, as well as housing. Wednesday will bring announcements from the Federal Reserve and its Chairman, Jerome Powell. Meanwhile, though earnings season has come and gone, there will still be a handful of quarterly reports to unpack, including H & R Block (HRB), Kroger (KR), and Smith & Wesson Brands (SWBI). 

Below is a list of key market events scheduled for the upcoming week. All economic dates listed below are tentative and subject to change.

 The week will start off slow on Monday, June 14, with nothing scheduled.

Things get busy fast on Tuesday, June 15, however, 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. 

Wednesday, June 16 will bring building permits, housing starts, the import price index, and an update from the Federal Reserve and Fed Chair Jerome Powell. 

Finally, Thursday, June 17, the usual initial and continuing jobless claims data are due out, as well as the Philadelphia Fed manufacturing index, and leading economic indicators.

Friday, June 18, there is no economic data to report. 

Published on Jun 10, 2021 at 12:22 PM
Updated on Jun 10, 2021 at 12:23 PM
  • Buzz Stocks

Is Sonos Stock Still Flashing a Buy Signal?

by Schaeffer's Digital Content Team
 
Published on Jun 10, 2021 at 11:52 AM
  • Buzz Stocks

Is Ebang Stock a Worthy Buy for Crypto Investors?

by Schaeffer's Digital Content Team
 
Published on Jun 10, 2021 at 10:31 AM
  • Buzz Stocks
 Options traders have been quick to get in on the action post-earnings. So far, 11,000 calls and 11,000 puts have crossed the tape -- 17 times the intraday average. The most active option by far is the weekly 6/11 700-strike call, trailed by the July 310 put, with positions being opened at both. 
Published on Jun 10, 2021 at 10:05 AM
  • Buzz Stocks

Moderna Inc (NASDAQ:MRNA) is back in the spotlight today, after the biotech concern asked the U.S. Food and Drug Administration (FDA) to approve the emergency use of its Covid-19 vaccine mRNA in adolescents ages 12 to 17. On May 25, Moderna said its vaccine was 100% effective in a study of adolescents in that age range -- which included more than 3,700 participants -- and saw no new Covid-19 cases observed after two doses of the vaccine. MRNA is responding well to the news, last seen 1.9% higher to trade at $221.48.

The company made headlines earlier this month after applying for full FDA approval for the vaccine, and the security went on to notch a new record high of $227.71 by June 7. Carving out a channel of higher highs all year, the shares' 10-day moving average has moved in to guide the shares higher in recent months. Now up an impressive 108.6% year-to-date, MRNA is on track for its fourth straight weekly win.

Moderna stock is sporting attractively priced premiums at the moment, too. The stock's Schaeffer's Volatility Index (SVI) of 63% stands higher than just 10% of all other readings from the past year. In simpler terms, option players are pricing in low volatility expectations right now.

What’s more, its Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 81 out of a possible 100, indicating that the stock has managed to exceed these volatility expectations over the last 12 months.

Published on Jun 10, 2021 at 9:46 AM
  • Analyst Update
 
Published on Jun 10, 2021 at 9:40 AM
  • Buzz Stocks

The shares of FuelCell Energy Inc (NASDAQ:FCEL) are off 9.8% at $10.17 this morning, dropping on a fiscal second-quarter earnings and revenue miss. The company cited dwindling service agreements and license revenue as factors for the disappointing report, while its operating expenses rose. 

FCEL has seen a dramatic rise and fall this year, surging to a Feb. 10 three-year high of $29.43, before quickly plummeting with pressure from its 30-day moving average. However, the equity looks to have staged a bounce on its 320-day moving average, putting it back above the aforementioned 30-day late in May. Today's drop has FCEL just north of this trendline, still sporting a year-over-year rise of 331.8%. 

Despite this, analysts are bearish on FCEL. Of the seven in coverage, five say "hold," and two say "sell." Meanwhile, the 12-month consensus price target of $11.96 is a 17.7% premium to current levels, which could mean some lowered price targets from the brokerage bunch. 

Short interest has been on the rise, up 24.9% in the last two reporting periods. The 45.46 million shares sold short now make up an incredible 42.2% of the stock's available float, or a little under two days at its average pace of trading. 

Published on Jun 10, 2021 at 9:19 AM
  • Buzz Stocks

Football Legend Lacing up To Join Skechers

by Schaeffer's Digital Content Team
 
Published on Jun 10, 2021 at 7:33 AM
  • Buzz Stocks

Today's Stock Market News & Events: 6/10/2021

by Schaeffer's Digital Content Team

The economic data schedule will get busy fast today with the usual initial and continuing jobless claims data, the consumer price index (CPI), core CPI, and Federal budget balance.

The following companies are slated to release quarterly earnings reports today, June 10:

John Wiley & Sons Inc. (NYSE:JW-A -- $64.55) operates as a research and learning company worldwide. John Wiley & Son will report its Q4 earnings of 2021 before the bell today.

Signet Jewelers Ltd. (NYSE:SIG -- $61.04) engages in the retail sale of diamond jewelry, watches, and other products. Signet Jewelers will report its Q1 earnings of 2021 before the bell today.

Chewy Inc. (NYSE:CHWY -- $77.77) engages in the pure play e-commerce business in the United States. Chewy will report its Q1 earnings of 2021 after the market closes today.

Dave & Buster's Entertainment Inc. (NASDAQ:PLAY -- $45.81) engages in the ownership and operation of entertainment and dining venues under the name Dave & Buster's. Dave & Buster's will report its Q1 earnings of 2021 after the market closes today.

The following public companies released quarterly earnings reports yesterday, June 9:

Brown-Forman Corp. (NYSE:BF-B -- $79.69) manufactures, bottles, imports, exports, markets, and sells various alcoholic beverages. Brown-Forman reported $0.45 earnings per share for the quarter. The business had revenue of $911 million for the quarter. Brown-Forman has generated $0.00 earnings per share over the last year and currently has a price-to-earnings ratio of 37.2.

Campbell Soup Co. (NYSE:CPB -- $49.12) engages in the manufacture and market food and beverage products. Campbell Soup reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.66 by $0.09. The company earned $1.98 billion during the quarter, compared to analyst estimates of $2.01 billion.

Lovesac Co. (NASDAQ:LOVE -- $81.76) designs, manufactures, and sells furniture. Lovesac reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of ($0.58) by $0.71. The company earned $82.90 million during the quarter, compared to analysts' expectations of $75.06 million.

United Natural Foods Inc. (NYSE:UNFI -- $40.62) distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. United Natural Foods reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of ($0.58) by $0.71. The company earned $82.90 million during the quarter, compared to analysts' expectations of $75.06 million.

Vera Bradley Inc. (NASDAQ:VRA -- $13.54) designs, manufactures, and sells women's handbags, luggage and travel items, fashion and home accessories, and gifts. Vera Bradley reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.14. The company earned $109.10 million during the quarter, compared to analyst estimates of $100.86 million.

GameStop Corp. (NYSE:GME -- $300.00) engages in the retail of multichannel video game, consumer electronics, and wireless services. GameStop reported ($0.45) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.11. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.16 billion.

Greif Inc. (NYSE:GEF -- $60.42) produces and sells industrial packaging products and services. Greif reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.13. The business had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.26 billion.

Oxford Industries Inc. (NYSE:OXM -- $97.79) designs, sources, markets, and distributes products of lifestyle and other brands. Oxford Industries reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.83. The business had revenue of $265.76 million for the quarter, compared to analysts' expectations of $233.07 million.

RH (NYSE:RH -- $628.83) operates as a retailer in the home furnishings. RH reported $4.89 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $0.75. The firm had revenue of $860.79 million for the quarter, compared to analyst estimates of $757.74 million.

Verint Systems Inc. (NASDAQ:VRNT -- $46.67) operates as a sporting goods and outdoor recreational products retailer in the United States. Verint Systems reported $0.44 EPS for the quarter, topping the consensus estimate of $0.36 by $0.08. The firm had revenue of $201 million for the quarter, compared to analyst estimates of $197.10 million.

Looking ahead to tomorrow, Friday will feature the consumer sentiment index. All economic dates listed here are tentative and subject to change.

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