Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Feb 22, 2023 at 1:28 PM
  • Quantitative Analysis

Last week, subscribers to our PowerTrend (PowerT) service scored a net profit between 105% and 110% on our recommended Boeing Co (NYSE:BA) February 17, 180-strike call. Below, we'll unpack the reasoning for the bullish stance on the aerospace giant.

We recommended the trade on Thursday, Dec. 8. At that time, BA had pulled back to its 20-day moving average, a trendline that's alternatives between support and resistance in the last 12 months. That trendline was also situated just above the $174 level, which is 1.5 times the stock's 2022 closing low.

BA PM Chart February 222023

Shorts were building their positions as the stock ticked higher, typically seen as a sign of the stock's underlying technical strength. In early December, the shares' 12-month consensus price target was awfully close to its current price levels, which meant price-target hikes were in play.

Boeing stock was also regularly realizing bigger-than-expected moves on the charts over the previous 12 months, per BA's Schaeffer’s Volatility Scorecard (SVS) of 85 out of 100. 

Immediately following our recommendation, Boeing stock took flight on the charts, with a pullback last week contained by that 20-day trendline. No fewer than 13 price-target hikes in the last two months also fueled tailwinds, as well as a slew of new contracts for Boeing airliners.

Not even a lackluster late-January earnings report could slow the equity's momentum. The stock closed on the date of this call recommendation at $180.93 on Dec. 8. We closed half of the position on Jan. 23. The final 50% was closed on Feb. 17, the date of expiration, with BA trading at $211.76, allowing subscribers to double their money in a little over two months.

Published on Feb 22, 2023 at 12:41 PM
  • Indicator of the Week
Published on Feb 22, 2023 at 12:02 PM
Updated on Feb 22, 2023 at 12:18 PM
  • Midday Market Check
Published on Feb 22, 2023 at 10:55 AM
  • Intraday Option Activity
  • Analyst Update
Options bulls are chiming in, with 9,093 calls across the tape so far, or double the intraday average volume, compared to 4,616 puts. Most popular is the weekly 2/23 54-strike call.
Published on Feb 22, 2023 at 10:48 AM
  • Intraday Option Activity
  • Buzz Stocks
Overall options volume is running at 15 times the intraday average, with 63,000 calls and 24,000 puts across the tape so far. Most popular is the 2/24 190-strike call, followed by the 200-strike call in that weekly series, with new positions being opened at both.
Published on Feb 22, 2023 at 9:25 AM
  • Analyst Update
Published on Feb 22, 2023 at 9:07 AM
Updated on Feb 22, 2023 at 9:11 AM
  • Opening View

Wall Street is awaiting the Federal Reserve's meeting minutes, after stocks yesterday marked their worst daily performance since Dec. 15. Investors are concerned the central bank will stick to its hawkish stance, especially after St. Louis Fed President James Bullard said there's a "good shot" of beating inflation in 2023 while avoiding a recession. At last check, futures on the Dow Jones Industrial Average (DJIA) were up 51 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:.

  • Why it may be time to reduce bullish exposure, per Senior V.P. of Research Todd Salamone.
  • This REIT could soon nab fresh 11-month high.
  • Plus, cybersecurity stock surging; Intel slashes quarterly dividend; and LOGI downgraded.

OV 0222

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 845,924 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.68 and the 21-day moving average stayed at 0.79.
  2. Palo Alto Networks Inc (NASDAQ:PANW) reported its third-straight profitable quarter after 10 years of losses, with fiscal second-quarter results easily beating analyst estimates. The cybersecurity name also shared an upbeat third-quarter outlook. PANW is up 8.8% premarket, and has already added 19.6% in 2023.
  3. Blue-chip Intel Corporation (NASDAQ:INTC) lowered its quarterly dividend in an effort to improve capital amid economic uncertainty. The stock was last seen down 0.8% before the bell and carries a 42.1% year-over-year deficit. 
  4. UBS downgraded Logitech International SA (NASDAQ:LOGI) to "neutral' from "buy." The analyst in question cited an "incrementally tougher" space, with tough competition. LOGI is down 0.8% ahead of the open and has shed 26.4% in the past 12 months.
  5. The Federal Open Market Committee's (FOMC) February meeting minutes are due out today.

OV Buzz Chart Feb 22

European, Asian Markets Slip After Stateside Losses

Asian markets finished lower on Wednesday, following sharp losses stateside. Japan’s Nikkei fell 1.3%, after the country’s producer price index (PPI) came in at 1.6% year-over-year. The South Korean Kospi posted the steepest drop, losing 1.7%, while China’s Shanghai Composite shed 0.5%. Meanwhile, Hong Kong released its budget, and the city’s Hang Seng fell 0.5%.

At last glance, European markets are falling as well, as investors await minutes from the U.S. Federal Reserve. London’s FTSE 100 is off 0.8% midday, while the French CAC 40 is down 0.3%, and the German DAX sports a 0.2% deficit.

Published on Feb 22, 2023 at 8:00 AM
  • Quantitative Analysis

The shares of Simon Property Group Inc (NYSE:SPG) just brushed off a price-target hike from Truist Securities to $130 from $125, as they cool from a rally to their highest level since April. The security added 12.1% in the last nine months, though, and may soon extend that lead now that it is trading near a trendline with historically bullish implications.

Specifically, SPG is within one standard deviation of its 50-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the security saw no fewer than five similar signals over the last three years, and was higher one month later each time, averaging a 13.1% gain. A comparable move from its current perch of $120.62 would have the security trading at a fresh 11-month peak of $136.41.

SPG 50 Day

Options are a solid route for those looking to weigh in on Simon Property Group stock's next moves, as they are attractively priced right now. This is per the security's Schaeffer's Volatility Index (SVI) of 23%, which is at the bottom off its 12-month range. 

Published on Feb 21, 2023 at 4:27 PM
  • Market Recap

The Dow shed nearly 700 points today, logging its worst daily performance since Dec. 15, as rising rates and disappointing retail earnings weighed on the broader market. The 10-year Treasury yield and 2-year rate both hit levels not seen since November, as investors continue to contend with red-hot inflation readings. In response, the Nasdaq logged a third consecutive daily loss and worst session since mid-December. The S&P 500 finished solidly lower as well. 

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

closing summary Feb21

nyse nasdaq Feb21

5 Things to Know Today 

  1. Following a surprise visit to Ukraine, U.S. President Joe Biden said Russia will "never" win. (CNBC)
  2. Stocks to watch as Tesla (TSLA) looks to enter the lithium mining game. (MarketWatch
  3. Is bullish exposure being reduced?
  4. Why Generac stock moved lower today.
  5. Medical device stock's worst session ever.

Earnings Feb21

UVOL Feb21

Oil, Gold Prices Fall on Rising Treasury Yields, U.S. Dollar

Oil prices extended last week's losses, with March-dated crude futures shedding 18 cents, or 0.2%, to settle at $76.16 per barrel Tuesday. Rising Treasury yields and U.S. dollar pressured black gold today. 

Gold futures also fell for the session, cutting into their year-to-date lead. Specifically, April-dated gold fell $7.70, or 0.4%, to settle at $1,842.50 per ounce today.

Published on Feb 21, 2023 at 12:01 PM
Updated on Feb 21, 2023 at 12:02 PM
  • Midday Market Check
Published on Feb 21, 2023 at 10:53 AM
  • Buzz Stocks

CVRx Inc (NASDAQ:CVRX) stock is on track for its worst single session ever, down 43.3% to trade at $9.75 at last glance, after news that the medical device company's post-market phase trial of its chronic heart failure therapy, Barostim, did not reach its primary goal.

CVRX has only been publicly traded for a little over a year, and is now trading at its lowest level since October. Plus, the stock is now gapping below long-term support at its 80-day moving average. Year-over-year, the equity is still up 32.5%. 

Analysts are wholeheartedly bullish on CVRx stock, with all six in coverage carrying a "strong buy" rating. Plus, the 12-month consensus price target of $20.25 is a 90.9% premium to current levels. 


Published on Feb 21, 2023 at 10:26 AM
  • Options Recommendations

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