Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Apr 18, 2023 at 1:05 PM
  • Analyst Update
  • Earnings Preview
Published on Dec 12, 2022 at 1:15 PM
Updated on Apr 18, 2023 at 12:57 PM
  • Quantitative Analysis


Published on Apr 18, 2023 at 12:04 PM
  • Midday Market Check
Published on Apr 18, 2023 at 11:56 AM
  • Quantitative Analysis

Salesforce Inc (NYSE:CRM) stock is once again running into resistance at the $200 level, which capped its late-March rally. Last seen up 0.5% at $197.91 while eyeing a fifth-straight win, shares earlier notched a fresh one-year high, with long-term support from their 40-day moving average containing several pullbacks since the beginning of 2023.

CRM 40 Day

A historically bullish signal now flashing could help CRM topple that aforementioned ceiling and add to its 49.1% year-to-date lead. According to Schaeffer's Quantitative Analyst Rocky White, the equity's recent rally comes amid historically low implied volatility (IV), which has been a bullish combination for the shares in the past.

White's data shows four other signals during the last five years when the security was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) sat in the 20th percentile of its annual range or lower. This is now the case with Salesforce stock's SVI of 26%, which sits in the 1st percentile of its annual range. 

One month after these signals, shares were higher 75% of the time, averaging a 4.6% pop. From its current perch, a move of similar magnitude would put CRM at $207.01 -- another one-year high.

While the brokerage bunch is already optimistic toward CRM, there's still plenty of room for upgrades, which would generate  additional tailwinds. Of the 37 analysts in question, 13 still rate the security a "hold" or worse.

 It's also worth noting the equity's Schaeffer's Volatility Scorecard (SVS) ranks at 73 out of 100, suggesting Salesforce stock has exceeded volatility expectations over the past year.

Published on Apr 18, 2023 at 10:41 AM
Updated on Apr 18, 2023 at 10:52 AM
  • Intraday Option Activity
  • Buzz Stocks
Published on Apr 18, 2023 at 10:51 AM
  • Buzz Stocks

Lockheed Martin Corp's (NYSE:LMT) strong first-quarter results are pushing its shares to record highs today. The U.S. weapons maker reported earnings of $6.61 per share on revenue of $15.13 billion, which is higher than the estimated $6.44 per share and $15.03 billion, as countries bolster their defenses amid geopolitical tensions. 

Up 3.5% to trade at $506.81 at last glance, LMT earlier hit a peak of $507.98. Moving above former pressure at the $500 level, the stock is up 8.2% year-over-year and 4% year-to-date. 

Options traders are targeting Lockheed Martin stock at six times the intraday average volume, with 7,199 calls and 3,681 puts exchanged already. The April 510 call is the most active contract, with new positions being opened there.

This bullish-leaning sentiment has been the norm lately. LMT's 10-day call/put volume ratio of 2.85 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 92% of readings from the past year. 

The equity is sporting attractively priced premiums at the moment, too, per its Schaeffer's Volatility Index (SVI) of 21%, which sits in the low 11th percentile of its annual range. 

Published on Apr 18, 2023 at 10:31 AM
  • Intraday Option Activity
  • Analyst Upgrades
Published on Apr 18, 2023 at 9:08 AM
  • Opening View

Stocks futures are rising this morning, following better-than-expected first-quarter reports from Bank of America (BAC) and Johnson & Johnson (JNJ). The positive results suggest major corporations are withstanding the shaky economic backdrop.

Investors are also unpacking a smaller-than-expected 8.8% decline in building permits for March, while housing starts came in above estimates at 1.42 million. At last check, Dow Jones Industrial Average (DJIA) futures are up 45 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also higher.

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

  • Schaeffer's Senior V.P. of Research Todd Salamone is watching a key SPX level.
  • Which bank name started this week's earnings barrage.
  • Plus, Goldman Sachs' reports quarterly results, and 2 stocks rising on bull notes.

futures Chart April 182023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 672,184 put contracts exchanged on Monday. The single-session equity put/call ratio and the 21-day moving average stayed at 0.65 and 0.78, respectively.
  2. Goldman Sachs Group Inc (NYSE:GS) is down 3.6% premarket, after missing first-quarter revenue estimates. The major bank name also took a $470 million loss tied to its Marcus unit sale. Coming into today, GS already sported a small year-to-date deficit.
  3. HSBC double-upgraded Nvidia Corporation (NASDAQ:NVDA) to "buy" from "reduce," citing better-than-expected pricing power in the company's artificial intelligence (AI) chips. Up 2.9% before the bell, Nvidia stock is nearly 85% higher in 2023.
  4. Sunrun Inc (NASDAQ:RUN) is up 3.9% in electronic trading, and cutting into a 14.4% year-to-date deficit, after KeyBanc upgraded the shares to "overweight" from "sector weight." The firm noted the residential solar energy firm stands to gain even more market share in California.    
  5. There's more economic data on tap this week.

Buzz 0418

Investors Unpack Economic Data Out of China

Markets in Asia finished on both sides of the aisle on Tuesday, as investors unpacked economic data out of China. The country’s gross domestic produce (GDP) rose by 4.5% in the first quarter, higher than analysts’ expectations of a 4% rise, while the economy expanded 2.9%. Plus, China’s retail sales bounced a higher-than-anticipated 10.6% in March. Japan’s Nikkei added 0.5%, while China’s Shanghai Composite tacked on 0.2%. Elsewhere, the South Korean Kospi and Hong Kong’s Hang Seng fell 0.2% and 0.6%, respectively.

European markets are higher at last glance, as the bourses await tomorrow’s inflation data out of the U.K. London’s FTSE 100 is up 0.2%, the French CAC 40 is 0.7% higher, and the German DAX is sporting a 0.6% lead.

Published on Apr 17, 2023 at 4:27 PM
  • Market Recap

The major indexes closed today's choppy session higher -- the Dow snagging a surprise 100-point win -- as investors struggled for direction amid the start of a fresh earnings week. Bank earnings are in focus, with Charles Schwab (SCHW) kicking things off this morning, just weeks after the bank sector blunder. Despite eyeing a win for most of the day, the Cboe Volatility Index (VIX) tacked on its fourth-straight drop.

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

  • History says this chip stock could bounce.
  • Facebook parent stirs up pre-earnings buzz.
  • Plus, bank stock brushes off lackluster report; bulls circle pharma stock; and the SPX level to watch.

Closing Indexes Summary April 17

NYSE and Nasdaq Stats April 17

 Things to Know Today 

  1. Apple (AAPL) launched a savings account for users with an Apple Card. The account can be created through the iPhone's Wallet feature and holds a 4.15% annual yield. (CNBC)
  2. As part of the telecom company's turnaround efforts, Ericsson (ERIC) Chief Financial Officer (CFO) Carl Mellander, will leave his post early 2024. (MarketWatch)
  3. Which bank giant brushed off  a revenue miss.
  4. Biogen stock bombarded with bull notes.
  5. Key S&P 500 level to watch right now.

Corporate Earnings April 17

Unusual Options Activity April 17

Oil Backpedals on Demand Worries

Crude demands remained at the forefront of investor's minds, sending oil lower for today's session. May-dated crude fell $1.69, or almost 2.1%, to close at $80.83 per barrel.

Gold continued extended Friday's losses into the new week, ending the day lower. The June-dated commodity slipped $8.80 or 0.4%, to settle at $2,007 an ounce after briefly dipping below the key $2,000 level.

Published on Apr 17, 2023 at 3:01 PM
Updated on Apr 17, 2023 at 3:06 PM
  • Most Active Options Update
Published on Apr 17, 2023 at 1:24 PM
  • Quantitative Analysis

After trading above their 40-day moving average for the last month, the shares of chip name Advanced Micro Devices, Inc. (NASDAQ:AMD) just pulled back to the trendline. 

According to a study from Schaeffer's Senior Quantitative Analyst Rocky White, seven similar signals occurring in the past three years. One month after these signals, AMD was higher 43% of the time, and averaged a one-month return of 4.4%. Last seen down 3.3% to trade at $88.76, a similar move from AMD's current perch would put it at $92.67.

Today's pullback is also being saved by the 320-day moving average, a long-term trendline of resistance that switched to support in early March. Though the shares are starting on a down note after two straight weekly losses, they remain more than 37% higher in 2023.

AMD Chart April 172023

An unwinding of pessimism in the options pits could give Advanced Micro Devices stock a much needed boost. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day put/call volume ratio ranks higher than 78% of readings from the past 12 months, indicating an unusually heavy appetite for long calls.

That being said, speculating on Advanced Micro Devices stock's next move with options looks like a prudent play. The stock's Schaeffer's Volatility Index (SVI) of 48% stands higher than just 20% of readings from the last year. This means options traders are pricing in relatively low volatility expectations for the time being. Even better, the security tends to outperform said volatility expectations, per its Schaeffer's Volatility Scorecard (SVS) tally of 95 out of 100.

Published on Apr 17, 2023 at 11:51 AM
  • Midday Market Check

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