Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Mar 30, 2023 at 12:30 PM
Updated on Apr 4, 2023 at 11:38 AM
  • Buzz Stocks
  • Best and Worst Stocks
  • 5-Minute Market Rundown
  • Indicator of the Week
  • Intraday Option Activity
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Published on Apr 4, 2023 at 11:34 AM
  • Quantitative Analysis

Skyworks Solutions Inc (NASDAQ:SWKS) is down 1.5% to trade at $115.65 at last check. This pullback placed the equity near a historically bullish trendline, though, which presents traders with an interesting entry point. 

Specfically, SWKS stock just came within one standard deviation of its 40-day moving average. One month after the last four pullbacks to this trendline the stock was higher, and averaged a solid 8% gain, according to Schaeffer's Senior Quantitative Analyst Rocky White.

A similar move from its current perch would put Skyworks stock above $124, and past a short-term ceiling at the $118 level. It would also help the security put a dent in its 14.2% year-over-year deficit, and add to its 26.4% year-to-date lead.

SWKS Chart April 042023

An unwinding of analysts' pessimism could also be a boon for Skyworks Solutions stock. While 11 covering brokerages rate SWKS a "buy" or better, 10 still recommend a "hold" or worse.

Speculating with options could be the right way to go. The security's Schaeffer's Volatility Index (SVI) of 29% ranks in the lowest percentile of annual readings, and implies options traders are pricing in low volatility expectations at the moment.

Published on Apr 4, 2023 at 10:56 AM
  • Analyst Upgrades

Keybanc upgraded Comcast Corp (NASDAQ:CMCSA) to "overweight" from "sector weight" this morning, citing growth potential in its investment in Universal's Epic Universe, an upcoming theme park, and the company's EBITDA margins. CMCSA is 0.2% lower to trade at $37.64 at last check, however. 

Comcast stock is up 8% since the start of the year. Its 120-day moving average kept losses in check throughout March, and the security last week broke above its 80-day trendline, as well as familiar pressure at the $37 level. A short-term drop was on the way, however, as CMCSA's 14-day relative strength index (RSI) of 76.3 sits on the cusp of "overbought" territory. 

Of the 35 analysts in coverage, 19 now carry a "buy" or better rating, with 14 a "hold," and two a "sell" or worse. Meanwhile, the 12-month consensus price target of $43.84 is a 16% premium to current levels. 

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 its Schaeffer's Volatility Index (SVI) of 23%, which sits in the 12th percentile of its annual range.

Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at 89 out of 100, meaning CMCSA has exceeded option traders' volatility expectations during the past year.

Published on Apr 4, 2023 at 10:38 AM
  • Analyst Upgrades
  • Intraday Option Activity
Published on Apr 4, 2023 at 10:04 AM
  • Analyst Update
Published on Apr 4, 2023 at 9:21 AM
Updated on Apr 4, 2023 at 9:22 AM
  • Opening View

Stock futures are edging higher on Tuesday, as oil prices extend their climb after a surprising output cut from the Organization of the Petroleum Exporting Countries (OPEC+). Nasdaq Composite Index (NDX), Dow Jones Industrial Average (DJI), and S&P 500 Index (SPX) futures all sport double-digit leads, as the latter two indexes look to extend their four-day win streak. 

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

  • Schaeffer's Senior V.P. of Research Todd Salamone is keeping an eye on the SPX.
  • Options traders are targeting this EV giant.
  • Plus, Virgin Orbit's bankruptcy, and 2 stocks moving in opposite directions after bull notes.

futures Chart April 042023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.2 million call contracts and 743,620 put contracts traded on Monday. The single-session equity put/call ratio and 21-day moving average fell to 0.61 and 0.78, respectively.
  2. Virgin Orbit Holdings Inc (NASDAQ:VORB) is down 22.6% in premarket trading, after the company filed for Chapter 11 bankruptcy protection and said it would let go of most of its workforce. In the last 12 months, VORB is down nearly 100%.
  3. Comcast Corporation (NASDAQ:CMCSA) is 0.6% higher before the bell, after KeyBanc upgraded the shares to "overweight," and set a price target that implies 16% upside. The analyst in coverage is optimistic about the company's margins moving forward. Year-to-date, CMCSA is up 8.7%.
  4. Burlington Stores Inc (NYSE:BURL) scored an upgrade at Loop Capital to "buy" from "hold," with the firm noting "improved values and brands in stores" will likely increase the company's market share. The shares are brushing off the bull note, last seen down 0.5% ahead of the open, though they sport a fractional year-to-date lead.
  5. Factory orders and job openings will be released today. 

Buzz 0404 

European Markets Unpacking OPEC+ Cut

Markets in Asia mostly finished higher, with the exception of Hong Kong’s Hang Seng, which finished the day with a 0.7% drop. The South Korean Kospi added 0.3%, after the country’s consumer price index (CPI) came in at 4.2% year-over-year in March, just below analyst expectations of 4.3%. while China’s Shanghai Composite and Japan’s Nikkei rose 0.5% and 0.4%, respectively.

Meanwhile, European markets are in the black at last glance. London’s FTSE 100 is inching 0.01% higher, while the French CAC 40 rises 0.6%, and the German DAX tacks on 0.9%. Energy stocks are still highlighted, as investors continue to unpack yesterday’s OPEC+ output cut decision.

Published on Apr 3, 2023 at 4:26 PM
  • Market Recap

The major indexes ended their first session of the second quarter mixed, with the Dow closing up triple digits and the S&P 500 marking a modest win of its own. This came as investors looked for direction following OPEC+'s 1.16 million barrel daily oil output cut, helping the commodity surge to its largest daily gain in nearly a year. Meanwhile, the Nasdaq moved lower, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its seventh-straight loss -- its longest such streak since March 2021.

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

Closing Indexes Summary April 3

NYSE and Nasdaq Stats April 3

5 Things to Know Today 

  1. What to expect ahead of the Tuesday arraignment for recently indicted former U.S. President Donald Trump. (MarketWatch)
  2. Walt Disney (DIS) CEO Bob Iger is firing back at Florida Governor Ron DeSantis after the politician criticized the company's handling of the Reedy Creek district agreement. (CNBC)
  3. 3 oil stocks surging amid OPEC+ buzz.
  4. Analyst downgrade drags payment stock.
  5. Brokerage: why you should bag Macy's stock now.

There were no earnings of note today.

Unusual Options Activity April 3

Oil, Gold Log Healthy Wins

Oil futures ended the day significantly higher, as investors continued to digest OPEC's+ surprise cut. May-dated crude added $4.75, or 6.3%, to close at $80.42 per barrel for the session.

Gold managed to climb in Monday's session, as the U.S. dollar retreated in intraday trading and OPEC's+ decision reignited inflation fears. June-dated gold added $14.20 or 0.7%, to settle at $2,000.40.

Published on Apr 3, 2023 at 4:01 PM
  • Most Active Options Update
Published on Apr 3, 2023 at 2:30 PM
  • Intraday Option Activity
Published on Apr 3, 2023 at 2:05 PM
  • Buzz Stocks

Extra Space Storage Inc (NYSE:EXR) is attracting attention today, on news that the real estate investment trust (REIT) is acquiring Life Storage Inc (LSI) for $12.7 billion to become the largest U.S. self-storage space operator by store count. While LSI is moving higher after the news, EXR is moving lower, last seen down 5.1% at $154.56. 

Extra Space Storage stock still sports a modest 4.7% lead, with support at the $150 level. Longer term, its 200-day moving average rejected its early-March rally, and the $170 level appears to be acting as a line of pressure as well. 

EXR April3

Of the 10 analysts in coverage, four carry a "buy" or better rating, four a "hold," and two a "strong sell." The 12-month consensus price target of $173.64 is a 12.6% premium to current levels. 

Extra Space Storage stock's typically quiet options pits have seen 10.9 times the usual daily volume already. The April 140 put is seeing the most activity by far, with new positions being opened there. 


Published on Apr 3, 2023 at 12:08 PM
  • Midday Market Check
Published on Apr 3, 2023 at 11:11 AM
  • Analyst Upgrades

Marqeta Inc (NASDAQ:MQ) is down 3.7% at $4.40 at last glance, after a downgrade from Morgan Stanley to "equal weight" from "overweight," with a price-target cut to $4.50 from $8.00.

The stock has been climbing since its Mar. 23 record low of $3.46, and is today on track to snap a five-day win streak. Prior to last week's 28% pop, MQ posted eight straight weekly losses. Despite today's pulback, MQ is still above its 20-day moving average after breaking above it last session. 

Options traders have been more bearish than usual. This is per Marqeta stock's 50-day put/call volume ratio of 1.19 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 94% of readings from the past year. 

Of the 17 analysts in coverage, 11 carry a "buy" or better rating, with six a "hold" or worse. The 12-month consensus price target of $7.00 is a 58.4% premium to current levels. 



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