Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jun 29, 2021 at 2:36 PM
  • Intraday Option Activity
So far, 68,000 calls have crossed the tape, which is double the stock's intraday average. The weekly 7/2 10-strike call is the most popular by far, with new positions being opened here. 
Published on Jun 29, 2021 at 2:32 PM
  • Buzz Stocks
 
Published on Jun 29, 2021 at 1:47 PM
  • Buzz Stocks

Is It Too Late to Jump on the Fastly Stock Pullback?

by Schaeffer's Digital Content Team
 
Published on Jun 29, 2021 at 10:06 AM
Updated on Jun 29, 2021 at 12:05 PM
  • Analyst Update
 
Published on Jun 29, 2021 at 10:30 AM
  • Buzz Stocks
 
Published on Jun 29, 2021 at 9:49 AM
  • Buzz Stocks

The shares of Textron Inc (NYSE:TXT) are up 3.9% at $69.80 this morning after Morgan Stanley upgraded the aerospace and defense concern to "overweight" from "equal weight," and lifted its price target to $87 from $49. Several other analysts have chimed in on TXT recently, including Cowen, with the analyst lifting its price target to $75 from $59. 

This deluge of mostly positive analyst attention has given TXT a leg up on the charts, boasting an over 40% year-to-date lead. The stock did pull cool mid-month, though the 60-day moving average deftly captured this  pullback, guiding the shares higher. Today's pop puts TXT even closer to its two-year high of $70.68, touched on June 8. 

There's still room for analyst upgrades. Coming into today, four of the nine members of the brokerage bunch covering Textron stock called it a "hold." The stock could also benefit from a short squeeze, as short interest is up 8.9% in the last two reporting periods, and it would take four days to cover these bearish bets, at TXT's average daily pace of trading. 

Published on Jun 29, 2021 at 9:31 AM
  • Buzz Stocks

Yesterday, a federal court dismissed the Federal Trade Commission's (FTC) antitrust complaint against Facebook, Inc. (NASDAQ: FB), after the FTC failed to prove the social media titan maintains a monopoly. That court decision saw the stock tack on 4.2%, helping Facebook close above $1 trillion in market capitalization for the first time. The FAANG name becomes the fifth U.S. tech company to do so alongside Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN), and Alphabet (GOOGL).

Facebook stock is marginally lower despite the news, last seen down 0.3% to trade at $355.53, cooling off from yesterday's record high of $358.14. Steadily carving out a channel of higher highs since early March, FB has added 30.2% year-to-date. The 50-day moving average contained pullbacks along the way, and the security boasts seven positive closes in 10 sessions.

The options pits are popping with optimism, per Facebook stock's 10-day call/put volume ratio of 3.29 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 92% of reading from the past year, indicating a ravenous appetite for calls of late. 

And now is the perfect time to speculate on FB with options, as premiums are affordably priced. The equity's Schaeffer's Volatility Index (SVI) of 26% is higher than just 13% of readings from the last 12 months, indicating that the options market is pricing in relatively low volatility expectations right now.

Published on Jun 29, 2021 at 7:01 AM
  • Buzz Stocks

Today's Stock Market News & Events: 6/29/2021

by Schaeffer's Digital Content Team

Today will bring the consumer confidence index on the economic data front. 

We have rounded up the following companies that are slated to release quarterly earnings today, June 29:

Enerpac Tool Group Corp. (NYSE:EPAC -- $25.07) manufactures and sells a range of industrial products and solutions worldwide. Enerpac will report its Q3 earnings of 2021 before the bell today.

FactSet Research Systems Inc. (NYSE:FDS -- $337.03) provides integrated financial information and analytical applications to the investment and corporate communities in the Americas, EMEA, and the Asia Pacific. FactSet will report its Q4 earnings of 2021 before the bell today.

AeroVironment Inc. (NASDAQ:AVAV -- $110.71) designs, develops, produces, supports, and operates a portfolio of products and services for government agencies and businesses. AeroVironment will report its Q4 earnings of 2021 after the market closes today.

Now let's take a quick look at how yesterday's earnings announcement compared to expectations:

Herman Miller Inc. (NASDAQ:MLHR -- $48.28) engages in the research, design, manufacture, and distribution of interior furnishings for use in various environments including office, healthcare, educational, and residential settings. Herman Miller reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.17. The business had revenue of $621.50 million for the quarter, compared to analysts' expectations of $603.80 million.

Looking ahead to tomorrow, the ADP employment report, the Chicago PMI, and the pending home sales index are slated for release.  All economic dates listed here are tentative and subject to change.

This is another friendly reminder that Independence Day in the United States falls on a Sunday this year. What that means for traders is that the U.S. stock market will be closed on Monday, July 5, in observation of the holiday. The markets will reopen for a four-day week on Tuesday morning at 9:30 a.m. ET for normal trading hours.

Published on Jun 28, 2021 at 3:25 PM
  • Most Active Options Update

The shares of Clover Health Investments Corp (NASDAQ:CLOV) are down 2.2% at $12.69 at last check. Though a reason for today's negative price action remains unclear, the equity has fallen dramatically from its June 9, record high of $28.85, after it became the target of Reddit traders roughly a year after its Wall Street debut. The meme stock has found a floor at the $12.50 level, however, which coincides with support at the 20-day moving average. Over the last three months, CLOV has added 72.5%.

CLOV 20 Day

What's more, Clover Health Investments stock just appeared on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest weekly options volume within the past two weeks, with new names highlighted in yellow. Digging deeper, 638,708 weekly calls and 137,781 weekly puts have been exchanged during this time. The most popular contract during that two-week period was the 6/25 14-strike call.

MAO 628  

The brokerage bunch is mostly bearish towards the security. Two of the three analysts in coverage called CLOV a tepid "hold" or worse, while only one said "strong buy." Plus, the 12-month consensus target price of $9.50 is a 25% discount to the stock's current perch.

Meanwhile, the 41.40 million shares sold short still makes up a whopping 36.7% of the stock's available float. Should Reddit traders continue to blast CLOV, shares could go even higher.

Published on Jun 28, 2021 at 2:57 PM
  • Intraday Option Activity

Tech stocks are in the spotlight today, and Roblox Corp (NYSE:RBLX) looks to be riding the coattails of the sector's surge. The gaming name was last seen up 6.1% at $92.29, set for its highest close two weeks, as well as its first settlement north of its 20-day moving average in that same time period. 

Roblox stock, which went public March, had investors scrambling to buy in last month, which drove the security to a record high of $103.87 in early June. The equity quickly cooled from this peak, though its newly formed 60-day moving average neatly captured the month's selloff. The security is now up 42.3% in the second quarter of 2021. 

rblx jun 28

Options volume is running at a slightly quicker clip than usual today, with 93,000 calls and 32,000 puts across the tape so far -- 1.2 times the intraday average. It looks like many of these traders are eyeing the $95 level as a ceiling for the underlying stock up until the week's end, as the weekly 7/2 95-strike call is popular, with positions being sold to open here. The second most popular is the August 100 call. 

Sentiment surrounding RBLX is still high across the board. All three analysts in coverage call the stock a "strong buy." Plus, over in the options pits, 3.52 calls were picked up for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) during the past 10 weeks. 

 

Published on Jun 28, 2021 at 1:06 PM
Updated on Jun 28, 2021 at 1:06 PM
  • Intraday Option Activity
So far, 18,000 calls have crossed the tape, which is double the intraday average. The weekly 7/9 35.50-strike call is the most popular, followed by the 33 call in the same series, with positions being opened at both. 
Published on Jun 28, 2021 at 12:40 PM
  • Intraday Option Activity
In response to Nio stock's surge today, 310,000 calls and 111,000 puts have crossed the tape, which is nearly double the average intraday volume. 

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