Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Feb 23, 2023 at 4:30 PM
  • Market Recap

Stocks mounted a comeback in the back-half of trading Thursday, with the S&P 500 snapping its four-day losing streak following today's gross domestic product (GDP) revision and jobs data. The Dow and Nasdaq also managed solid wins, though uncertainty surrounding the Federal Reserve's future moves is still dragging investor sentiment. 

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

  • Why investors are excited about this pharma stock.
  • Options traders eyed these 2 stocks today.
  • Plus, behind NVDA's rise; bull note boosts chip stock; and the first week of March.

closing summary febr23

nyse nasdaq febr23

5 Things to Know Today 

  1. Sam Bankman-Fried, co-founder of crypto exchange FTX, was hit with four new criminal charges. (CNBC)
  2. U.S. President Joe Biden nominated former MasterCard CEO Ajay Banga to head the World Bank. (Reuters
  3. What drove Nvidia stock higher today.
  4. Rare upgrade pushed this chip stock up the charts.
  5. Here's how things will kick off in March.

Earnings Febr23

UVOL Febr23

Oil Snaps Six-Day Losing Streak

Oil prices snapped a six-session losing stretch, with April-dated crude futures adding $1.44, or 2%, to settle at $75.39 per barrel. Black gold found support from U.S. gasoline inventories declining, despite a ninth-straight week of rising crude supplies.

Gold futures finished near a two-month low, notching their fourth-straight loss as investors continued to mull over the Fed's latest meeting minutes. In response, April-dated gold shed $14.70, or 0.8%, to settle at $1,826.80 per ounce -- its lowest settlement since Dec. 30.

Published on Feb 23, 2023 at 3:55 PM
  • Most Active Options Update
Published on Feb 23, 2023 at 2:50 PM
  • Quantitative Analysis

Southern Copper Corp (NYSE:SCCO) stock is down 1.7% to trade at $72.42 at last check, despite a price-target hike from UBS to $51 from $48. The stock has been consolidating around the $75 level since mid January, with support at the $72 level. There is reason to believe the shares could soon stage a breakout, however, as today's pullback has SCCO within one standard deviation of their 40-day moving average -- a trendline with historically bullish implications. 

Over the past three years, SCCO has seen four similar signals, after which the stock has been positive one month later 100% of the time, averaging a 10.6% gain. A move of similar magnitude would push SCCO above $80, its highest level since May of 2021.

SCCO Feb23

Southern Copper stock's 14-day relative strength index (RSI) of 25.9 sits in "oversold" territory, which typically indicates the stock is overdue for a short-term bounce. IShort interest makes up 7.1% of the stock's available float, so there's intriguing short squeeze potential as well.

Now could be a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums at the moment, per SCCO's Schaeffer's Volatility Index (SVI) of 35%, which sits in the 18th percentile of its annual range. 

Published on Feb 23, 2023 at 12:12 PM
  • Intraday Option Activity
  • Buzz Stocks

Teladoc Health Inc (NYSE:TDOC) and Domino's Pizza Inc (NYSE:DPZ) are seeing unusual options volume following their respective earnings results. 

Teladoc Health yesterday reported steep fourth-quarter losses of $23.49 per share, an extreme difference from analysts' expectations of a -25 cents per share. While the company's revenue did beat forecasts thanks to expanding product offerings and enhanced level of care, the shares were last seen down 13.6% to trade at $25.42 and adding to a hefty 58.5% year-over-year deficit.

On the charts, Teladoc stock is trading at its lowest level since mid-January. The equity is managing to maintain a 7.3% year-to-date lead, however, even after a 13.6% month-to-date dip.

More than 21,000 calls and 14,000 puts have been exchanged at the session's halfway point. The most popular contract is the March 30 call, followed by the April 22.50 call. Analysts are weighing in as well, with no less than four price-target cuts rolling in. However, SVB Securities did upgrade TDOC to "outperform" from "market perform."

Concerning Domino's Pizza, the company delivered revenue that fell short of estimates, as rising food, transportation, and labor costs and wavering demand weighed. Earnings of $3.97 per share edged out the $3.94 expectations, however, though same-store sales of 0.9% missed the mark by a considerable margin. 

In response, 5,707 calls and 5,336 puts have crossed the tape so far today -- six times the volume typically seen at this point. Most popular is the weekly 2/24 300-strike put, while new positions are being opened at the second most popular contract, the 355-strike call from the same weekly series. 

Domino's Pizza stock was last seen 10.8% lower to trade at $311, resulting in a bear gap on the charts that is eyeing the equity's worst daily percentage drop since May 2010 and their lowest mark since October. As a result, DPZ now sports double-digit year-over-year and year-to-date deficits.

Published on Feb 23, 2023 at 11:54 AM
  • Midday Market Check
Published on Feb 23, 2023 at 11:17 AM
  • Buzz Stocks
Options traders are piling on following the news. So far, 22,000 calls and 31,000 puts have crossed the tape, or triple the intraday average volume. Most popular is the weekly 2/24 150-strike put, followed distantly by the 165-strike call in that same series.
Published on Feb 23, 2023 at 10:39 AM
  • Analyst Update

Intel Corp (NASDAQ:INTC) stock is up 1% at $25.73 at last glance, after Morgan Stanley upgraded the chipmaker to "equal weight" from "underweight," though the firm also trimmed its price target to $28.00 from $29.50. The semiconductor sector is also receiving a general boost from Nvidia's (NVDA) strong 2023 forecast and its shares' surging price action. 

Despite today's gains that are set to snap a four-day losing streak, INTC remains near its Oct. 13 nine-month low of $24.59. The $31 level has rejected the equity's past two rallies, the last of which coincided with long-term pressure at the 160-day moving average.

It's worth noting that INTC's 14-day relative strength index (RSI) of 28.2 sits in "oversold" territory, meaning a short-term rise could've been overdue. Year-over-year, the stock is down 42.2%. 

Plenty of analysts cover Intel stock, with overwhelmingly bearish results. Of the 43 in coverage, only four carry a "buy" or better rating. Meanwhile, short interest has been building -- up 21.6% during the most recent two-week reporting period. 



Published on Feb 23, 2023 at 10:03 AM
  • Intraday Option Activity
  • Buzz Stocks
Overall options volume is today running at six times the intraday average volume, with 208,000 calls and 190,000 puts exchanged so far. The most popular contract by a long short is the 2/24 240-strike call, followed by the 230-strike put in that weekly series, with new positions being opened at both. 
Published on Feb 23, 2023 at 10:00 AM
  • The Week Ahead
Published on Feb 23, 2023 at 9:14 AM
Updated on Feb 23, 2023 at 9:18 AM
  • Opening View

Stock futures are looking to rebound this morning after the Federal Reserve's latest meeting minutes reiterated its hawkish stance. Investors are also unpacking jobless data, with claims dipping to 192,000 last week instead of rising to 197,000 as analysts had expected.

Also in focus is a gross domestic product (GDP) revision, which showed the economy grew at a slower 2.7% annual pace to close out 2022 amid a slowdown in consumer spending. At last check, futures on the Dow Jones Industrial Average (DJIA) were up 65 points, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures were also higher.

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

  • Retail stock could topple technical resistance.
  • Analysts are starting to turn bearishon Logitech stock.
  • Plus, chip stock enjoying AI tailwinds; Bumble shares upbeat forecast; and revenue beat boosts ETSY.

OV  0223

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 875,762 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.80 and the 21-day moving average stayed at 0.79.
  2. Nvidia Corporation (NASDAQ:NVDA) is up 10.1% in premarket trading, after the chipmaker reported a fourth-quarter earnings and revenue beat. Nvidia also announced a better-than-expected first-quarter revenue forecast amid increased demand for chips to power artificial intelligence (AI) services. Year-to-date, NVDA has added 42% even before today's potential bull gap.
  3. Online dating company Bumble Inc (NASDAQ:BMBL) posted a fourth-quarter earnings and revenue win, as well as a strong annual revenue growth forecast amid growing paying users. BMBL has already added 10.9% this year, and is up 3.5% before the bell. 
  4. Etsy Inc (NASDAQ:ETSY) is up 3.5% ahead of the open, after a fourth-quarter revenue win. The online marketplace's current-quarter revenue estimates also came in well above Wall Street's estimates. In the last nine months, ETSY has added 79.4%. 
  5. More economic data is due out tomorrow.

OV Buzz Chart Feb 23

European, Asian Markets Mixed After U.S. Fed Minutes

Markets in Asia finished the day mixed, as investors eyed yesterday’s stateside Fed minutes release, as well as the Bank of Korea’s decision to hold interest rates at 3.5%, following nearly a year of rate hikes. The South Korean Kospi added 0.8%, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.4% and 0.1%, respectively. Japan’s Nikkei was closed for the Emperor's birthday.

Lingering attention on the U.S. Fed minutes alongside a fresh batch of big-name European earnings has equities in the region mixed. London’s FTSE 100 is down 0.2% at last glance, while the French CAC 40 is up 0.4%, and the German DAX gains 0.6%.

Published on Feb 22, 2023 at 4:30 PM
Updated on Feb 22, 2023 at 4:32 PM
  • Market Recap

The S&P 500 logged its third-straight loss while the Dow closed with an 84-point deficit, as traders dug into the Federal Reserve's latest meeting minutes. According to the central bank, inflation is still above the 2% target and the labor market remains "very tight, contributing to continuing upward pressures on wages and prices." Officials did acknowledge the recent streak of optimistic inflation data, but reiterated their hawkish stance to combat rising prices. After waffling between breakeven most of the day, the Nasdaq managed to eke out a small gain, snapping its three-day losing streak.

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

closing summary February22

nyse nasdaq February22

5 Things to Know Today 

  1. Intel (INTC) just cut its dividend by more than 65%, weeks after implementing cost-saving initiatives. (CNBC)
  2. Mortgage rates in the U.S. just hit their highest level since November. (Reuters
  3. Why UBS downgraded Logitech stock.
  4. Alcoa stock popped after a bull note.
  5. Palo Alto Networks scored another profitable quarter.

Earnings Febr22

UVOL February22

Oil Futures Fall for Sixth-Straight Session

Oil futures posted their sixth-straight loss today, as investors worried that the Fed will continue to tighten its monetary policy. Specifically, April-dated crude, the now most active contract, lost $2.41, or 3.2%, to settle at $73.95 per barrel.

Gold prices posted a modest loss as well, also weighed down by fears of the Fed's futures monetary policy moves. April-dated gold shed $1, or 0.1%, to settle at $1,841.50 per ounce today.

Published on Feb 22, 2023 at 4:27 PM
  • Quantitative Analysis

Albertsons Companies Inc (NYSE:ACI) was last seen trading near breakeven at $21.47, much like the broader market ahead of the release of the Federal Reserve's meeting minutes. A ceiling at the $21.60 has capped the equity since November, but that level may soon be overcome thanks to a historically bullish trendline that may also help shares add to their 5% nine-month lead. 

Digging deeper, ACI is within one standard deviation of its 40-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the security saw five similar signals over the last three years, and was higher one month later 80% of the time to average a 12.2% gain. A comparable move from its current perch would place shares over $124 -- well above that ceiling and at their highest level since May.

ACI 40 Day

A shift in analyst sentiment could keep the tailwinds blowing for Albertsons stock. Of the 13 in coverage, nine firms still call the equity a tepid "hold," leaving ample room for upgrades going forward.

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