Earnings Season Highlights

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A collection of noteworthy post-earnings reactions

Published on Apr 29, 2021 at 1:00 PM

Updated on Apr 30, 2021 at 10:56 AM

The Week Ahead

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First Week of May Kicks Off at Height of Earnings Season

by Fernanda Horner

Kicking off in the middle of the earnings season, the first week of May will be a busy one for Wall Street. Among the multiple economic indicators that are on the schedule, traders will be paying special attention to trade deficit data, a fresh ADP employment report, the Markit manufacturing and services purchasing managers' indexes (PMI), jobless claims, and nonfarm payrolls. The earnings docket is packed, too, with reports from the likes of Chegg (CHGG), Etsy (ETSY), Cloudflare (NET), Fastly (FSLY), Lyft (LYFT) and Pfizer (PFE).

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

There will be no shortage of economic indicators on Monday, May 3, as investors look ahead to the final Markit manufacturing PMI, as well as the ISM manufacturing index. Plus, construction and motor vehicles sales (SAAR) data is set to come out.

Tuesday, May 4, will be quieter, with only trade deficit data and factory orders on tap.

On Wednesday, May 5, much of the attention will shift to the latest ADP employment report. The day also brings the Markit services PMI, as well as the ISM services index.

A fresh round of initial and continuing jobless claims is due out on Thursday, May 6. Additionally, data on productivity and unit labor costs is scheduled for release as well.

Finally, Friday, May 7, features nonfarm payrolls, an update on the unemployment rate, and average hourly earnings. Wholesales inventories and consumer credit data is also due out.

Published on Apr 30, 2021 at 10:28 AM

Updated on Apr 30, 2021 at 10:47 AM

Intraday Option Activity
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Bull Notes Pour In for Amazon Stock After Blowout Earnings

by Fernanda Horner

Drilling down to today's options activity, 100,000 calls and 66,000 puts have crossed the tape so far, which is three times the average intraday amount. The weekly and expiring 4/30 3,600-strike call is by far the most popular, followed by the 3,550-strike call in the same series, with new positions being opened at the latter. Buyers of these options expect more upside for AMZN by the end of the session.

Published on Apr 30, 2021 at 10:44 AM

Intraday Option Activity
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Option Traders, Analysts React to TWTR's Post-Earnings Plummet

by Jake Scott

Twitter's options pits have exploded with activity today. Already over 145,000 calls and 98,000 puts have crossed the tape -- seven times the average intraday amount -- with volume pacing for the 100th percentile of its annual range.

Published on Apr 30, 2021 at 10:42 AM

Buzz Stocks

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Skyworks Stock Slips Despite Sunny Q2 Earnings

by Laura McCandless

Published on Apr 30, 2021 at 9:39 AM

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WDC Shoots Back Toward 2-Year Highs After Earnings Beat

by Lillian Currens

The shares of Western Digital Corp (NASDAQ:WDC) are up 4% at $73.96 this morning, after the company shared fiscal third-quarter profits of $1.02 per share on revenue of $4.14 billion, with both its top and bottom lines handily topping analysts' expectations. Many brokerage firms are responding in turn. Already, Western Digital stock has received no less than 11 price-target hikes, including a lofty one from Susquehanna to $125.

Most members of the brokerage bunch were already optimistic on WDC coming into today. Of the 21 in coverage, 16 considered the stock a "buy" or better, with not a single "sell" rating to be seen. Plus, the 12-month consensus price target sat at $83.44 -- a 17.3% premium to last night's close.

Similar bullishness can be ascribed to the options pits, where a whopping 8.51 calls have been picked up for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stand higher than 91% of readings from the past 12 months, meaning this penchant for long calls is unusual.

It's been a choppy couple months for WDC on the charts, with several brutal rejections occurring at the $72 region since early March. The ascending 60-day deftly captured two of these dramatic pullbacks, however, and for the year, WDC still boasts an impressive 28.4% lead. Plus, today's pop puts WDC back within a hair of its April 7, two-year high of $74.66.

Published on Apr 30, 2021 at 7:17 AM

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Today's Stock Market News & Events: 4/30/2021

by Schaeffer's Digital Content Team

The last day of the month of April will be jam-packed with economic indicators. For starters, the employment cost and consumer sentiment indexes are on tap, in addition to the Chicago purchasing managers' index (PMI). Plus, traders will be expecting core inflation, consumer spending, and personal income data.

The following companies are slated to release quarterly earnings reports today, April 30:

AbbVie Inc. (NYSE:ABBV -- $110.89) discovers, develops, manufactures, and sells pharmaceuticals. AbbVie will report its Q1 earnings of 2021 before the bell today.

Alexion Pharmaceuticals Inc. (NASDAQ:ALXN -- $165.58) develops and commercializes various therapeutic products. Alexion Pharmaceuticals will report its Q1 earnings of 2021 before the bell today.

Aon plc (NYSE:AON -- $239.27) provides advice and solutions to clients focused on risk, retirement, and health. Aon will report its Q1 earnings of 2021 before the bell today.

AstraZeneca plc (NASDAQ:AZN -- $51.37) discovers, develops, manufactures, and commercializes prescription medicines. AstraZeneca will report its Q1 earnings of 2021 before the bell today.

Avient Corp. (NYSE:AVNT -- $50.21) provides specialized polymer materials, services, and solutions. Avient will report its Q1 earnings of 2021 before the bell today.

Balchem Corp. (NASDAQ:BCPC -- $124.62) develops, manufactures, and markets specialty performance ingredients and products. Balchem will report its Q1 earnings of 2021 before the bell today.

Barnes Group Inc. (NYSE:B -- $51.04) provides engineered products, industrial technologies, and solutions. Barnes Group will report its Q1 earnings of 2021 before the bell today.

Carter's Inc. (NYSE:CRI -- $103.19) provides gifts for various occasions in the United States. Carter's will report its Q1 earnings of 2021 before the bell today.

Cboe Global Markets Inc. (BATS:CBOE -- $103.34) operates as an options exchange. Cboe Global Markets will report its Q1 earnings of 2021 before the bell today.

Charter Communications Inc. (NASDAQ:CHTR -- $669.97) operates as a broadband connectivity and cable operator company. Charter Communications will report its Q1 earnings of 2021 before the bell today.

Chevron Corp. (NASDAQ:CVR -- $106.90) engages in integrated energy, chemicals, and petroleum operations. Chevron will report its Q1 earnings of 2021 before the bell today.

The Clorox Co. (NYSE:CLR -- $185.94) manufactures and markets consumer and professional products. Clorox will report its Q1 earnings of 2021 before the bell today.

Colgate-Palmolive Co. (NYSE:CL -- $79.82) manufactures and sells consumer products. Colgate-Palmolive will report its Q1 earnings of 2021 before the bell today.

Exxon Mobil Corp. (NYSE:XOM -- $58.94) explores for and produces crude oil and natural gas. Exxon Mobil will report its Q1 earnings of 2021 before the bell today.

The Goodyear Tire & Rubber Co. (NASDAQ:GT -- $17.74) develops, manufactures, distributes, and sells tires and related products and services. Goodyear Tire & Rubber will report its Q1 earnings of 2021 before the bell today.

W.W. Grainger Inc. (NYSE:GWW -- $429.90) distributes maintenance, repair, and operating (MRO) products and services. W.W. Grainger will report its Q1 earnings of 2021 before the bell today.

Hill-Rom Holdings Inc. (NYSE:HRC -- $115.31) operates as a medical technology company. Hill-Rom will report its Q1 earnings of 2021 before the bell today.

Huntsman Corp. (NYSE:HUN -- $29.36) manufactures and sells differentiated organic chemical products. Huntsman will report its Q1 earnings of 2021 before the bell today.

Illinois Tool Works Inc. (NYSE:ITW -- $230.77) manufactures and sells industrial products and equipment. Illinois Tool Works will report its Q1 earnings of 2021 before the bell today.

Imperial Oil Ltd. (NYSE:IMO -- $27.64) explores for, produces, and sells crude oil and natural gas in Canada. Imperial Oil will report its Q1 earnings of 2021 before the bell today.

JELD-WEN Holding Inc. (NYSE:JELD -- $31.15) designs, manufactures, and sells doors and windows. JELD-WEN will report its Q1 earnings of 2021 before the bell today.

Johnson Controls International plc (NYSE:JCI -- $63.28) operates as a diversified technology and multi industrial company. Johnson Controls will report its Q1 earnings of 2021 before the bell today.

Lazard Ltd. (NYSE:LAZ -- $46.46) operates as a financial advisory and asset management firm. Lazard will report its Q1 earnings of 2021 before the bell today.

LyondellBasell Industries N.V. (NYSE:LYB -- $107.49) operates as a chemical company. LyondellBasell will report its Q1 earnings of 2021 before the bell today.

MGM Growth Properties LLC (NYSE:MGP -- $35.92) operates as a publicly-traded real-estate investment trust. MGM Growth Properties will report its Q1 earnings of 2021 before the bell today.

Moog Inc. (NYSE:MOG-A -- $85.38) designs, manufactures, and integrates precision motion and fluid controls and controls systems Moog will report its Q1 earnings of 2021 before the bell today.

Newell Brands Inc. (NASDAQ:NWL -- $26.98) designs, manufactures, sources, and distributes consumer and commercial products. Newell Brands will report its Q1 earnings of 2021 before the bell today.

Phillips 66 (NYSE:PSX -- $81.12) operates as an energy manufacturing and logistics company. Phillips 66 will report its Q1 earnings of 2021 before the bell today.

Phillips 66 Partners L.P. (NYSE:PSXP -- $36.01) owns, operates, develops, and acquires midstream assets. Phillips 66 Partners will report its Q1 earnings of 2021 before the bell today.

Pitney Bowes Inc. (NYSE:PBI -- $8.74) operates as a technology company providing commerce solutions. Pitney Bowes will report its Q1 earnings of 2021 before the bell today.

PNM Resources Inc. (NYSE:PNM -- $49.58) provides electricity and electric services in the United States. PNM Resources will report its Q1 earnings of 2021 before the bell today.

Portland General Electric Co. (NYSE:POR -- $50.26) operates as an integrated electric utility company. Portland General Electric will report its Q1 earnings of 2021 before the bell today.

Provident Financial Services Inc. (NYSE:PFS -- $24.03) operates as the bank holding company for Provident Bank. Provident Financial will report its Q1 earnings of 2021 before the bell today.

Restaurant Brands International Inc. (NYSE:QSR -- $67.78) owns, operates, and franchises quick service restaurants under the Tim Hortons (TH), Burger King (BK), and Popeyes (PLK) brands. Restaurant Brands will report its Q1 earnings of 2021 before the bell today.

Shell Midstream Partners L.P. (NYSE:SHLX -- $16.14) owns, operates, develops, and acquires pipelines and other midstream, and logistics assets. Shell Midstream Partners will report its Q1 earnings of 2021 before the bell today.

U.S. Silica Holdings Inc. (NYSE:SLCA -- $13.76) produces and sells commercial silica in the United States. U.S. Silica will report its Q1 earnings of 2021 before the bell today.

W.P. Carey Inc. (NYSE:WPC -- $73.38) operates as a publicly-traded real-estate investment trust. W.P. Carey will report its Q1 earnings of 2021 before the bell today.

Weyerhaeuser Co. (NYSE:WY -- $39.64) engages in the manufacture, distribution and sale of forest products. Weyerhaeuser will report its Q1 earnings of 2021 before the bell today.

WisdomTree Investment Inc. (NASDAQ:WETF -- $6.72) operates as an exchange-traded funds (ETFs) sponsor and asset manager. WisdomTree will report its Q1 earnings of 2021 before the bell today.

Looking ahead to next week, the first week of May will be a busy one for Wall Street. Among the multiple economic indicators that are on the schedule, traders will be paying special attention to trade deficit data, a fresh ADP employment report, the Markit manufacturing and services purchasing managers' indexes (PMI), jobless claims, and nonfarm payrolls. The earnings docket is packed, too, with reports from the likes of Chegg (CHGG), Etsy (ETSY), Cloudflare (NET), Fastly (FSLY), Lyft (LYFT) and Pfizer (PFE).

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

Published on Apr 29, 2021 at 2:35 PM

Updated on Apr 29, 2021 at 2:43 PM

Earnings Preview

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Agriculture Stock Tends to Make Big Post-Earnings Moves

by Schaeffer's Digital Content Team

Published on Apr 29, 2021 at 1:42 PM

Quantitative Analysis

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History Says CVS Stock's Pullback Could Work Out

by Jake Scott

The shares of CVS Health Corp (NYSE:CVS) have faced continued pressure at the $78 region, making a few attempts to topple the ceiling over the last few years, including on April 21, when the stock rose to $77.44 -- its highest level since late 2018. Pullbacks have followed each attempt, but despite the up-and-down year, CVS still boasts an 11.3% rise in 2021. This most recent pullback saw the equity find a floor at $75, and what's more, a historically bullish technical signal just started flashing on the charts, which could send CVS toppling this aforementioned pressure near the $78 level.

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, CVS just came within one standard deviation of its 40-day moving average. Within the past three years, seven similar signals have occurred, with the equity higher one month later in 71% of those instances, averaging a 21-day gain of 5.4%. At CVS's current perch of $76.06, a similar move would put it at $80.17 -- marking a fresh three-year high.

CVS Chart April 29

A shift in the options pits could provide additional tailwinds for the stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CVS sports a 50-day put/call volume ratio that stands higher than 76% of all other readings from the last year, implying a healthier-than-usual appetite for bearish bets of late.

Echoing this, the stock's a Schaeffer's open interest ratio (SOIR) of 0.54 sits in the elevated 85th percentile of its annual range. This suggests short-term traders have rarely been more put-biased.

Right now, options look like a prudent play when weighing CVS's next move. The stock's Schaeffer's Volatility Index (SVI) of 25% stands higher than just 19% of all other annual readings, meaning options players are pricing in relatively low volatility expectations at the moment.

Published on Apr 29, 2021 at 1:12 PM

Earnings Preview

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Catching Up with Newell Brands Stock Ahead of Earnings

by Schaeffer's Digital Content Team

Published on Apr 29, 2021 at 11:19 AM

Intraday Option Activity
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Facebook Stock Surges to Record High on Earnings Beat

by Fernanda Horner

At last check, 223,000 calls and 133,000 puts have crossed the tape, which is six times the average intraday amount.

Published on Apr 29, 2021 at 10:40 AM

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EBAY Plummets on Q2 Forecast Despite Upbeat Earnings

by Laura McCandless

So far, 40,000 calls and 30,000 puts have crossed the tape, which is nine times what's typically seen at this point. The May 53 put is the most popular, followed by the 60 call in the same monthly series, with new positions being opened at the former.

Published on Apr 29, 2021 at 10:35 AM

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QCOM Attracts Options Bulls, Analysts After Fiscal Q2 Beat

by Lillian Currens

Today's option trading is quite call-heavy, however. Within the first hour of trading, 23,000 calls and 9,914 puts have exchanged hands -- quadruple the average intraday amount. The most popular contract is the 4/30 145-strike call, followed by the 140-strike call in the same series.