Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Sep 21, 2021 at 12:01 PM
Updated on Sep 21, 2021 at 12:01 PM
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Published on Sep 21, 2021 at 10:28 AM
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Published on Sep 21, 2021 at 10:13 AM
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Published on Sep 21, 2021 at 9:58 AM
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Published on Sep 21, 2021 at 9:07 AM
Updated on Sep 21, 2021 at 9:10 AM
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Published on Sep 21, 2021 at 9:01 AM
Updated on Sep 21, 2021 at 9:01 AM
  • Buzz Stocks

The shares of Big Lots, Inc. (NYSE:BIG) are down 2.1% at $46.53 ahead of the bell, following a bear note from Piper Sandler. The analyst cut its rating to "neutral" from "overweight," and slashed its price target to $50 from $60. Piper Sandler cited macro headwinds, including the tapering of fiscal stimulus, and higher ocean freight costs. 

The past couple months have been a downward slump for Big Lots stock, and just a week ago BIG hit an eight month low of $44.80 on Sept. 14. Pressure from the 40-day has kept a lid on shares since June, and while the security briefly toppled more immediate pressure at the 10-day moving average, the stock is trading well below this trendline once more. In the past six months, Big Lots stock has dropped nearly 33%. 

Analyst sentiment was tepid at best even before Piper Sandler's downgrade. Only one analyst recommended a "strong buy" rating, while five said "hold," and two said "sell" or worse. 

Sentiment among options traders has echoed this. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BIG sports a 50-day call/put volume ratio that stands higher than 92% of readings from the past year. This means long puts have rarely been more popular.

Now looks like an ideal time to get in of Big Lots stock's next move with options, though. The security's Schaeffer's Volatility Index (SVI) of 45% stands higher than 16% of readings from the past 12 months. This means options traders are pricing in relatively low volatility expectations at the moment. 

Published on Sep 21, 2021 at 7:36 AM
Updated on Sep 21, 2021 at 7:36 AM
  • Buzz Stocks

Today's Stock Market News & Events: 9/21/2021

by Schaeffer's Digital Content Team

Building permits and housing starts data is slated for release today.

The following companies are due to release quarterly earnings today, September 21:

Apogee Enterprises Inc. (NASDAQ:APG -- $39.43) designs and develops glass and metal products and services in the United States, Canada, and Brazil. Apogee Enterprises will report its Q2 earnings of 2022 before the bell today.

AutoZone Inc. (NYSE:AZO -- $1,585.16) retails and distributes automotive replacement parts and accessories. AutoZone will report its Q4 earnings of 2021 before the bell today.

Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL -- $138.91) develops and operates the Cracker Barrel Old Country Store concept in the United States. Cracker Barrel will report its Q4 earnings of 2021 before the bell today.

Neogen Corp. (NASDAQ:NEOG -- $40.16) develops, manufactures, and markets various products for food and animal safety worldwide. Neogen will report its Q4 earnings of 2021 before the bell today.

Adobe Inc. (NASDAQ:ADBE -- $641.29) operates as a diversified software company worldwide. Adobe will report its Q3 earnings of 2021 after the market closes today.

FedEx Corp. (NYSE:FDX -- $250.80) provides transportation, e-commerce, and business services in the United States and internationally. FedEx will report its Q3 earnings of 2021 after the market closes today.

Stitch Fix Inc. (NASDAQ:SFIX -- $36.37) sells a range of apparel, shoes, and accessories through its Website and mobile application in the United States. Stitch Fix will report its Q4 earnings of 2021 after the market closes today.

Looking ahead to tomorrow, Wednesday, is going to be busy, with a report on existing home sales, a statement from the Federal Open Market Committee (FOMC), and a news conference from Federal Reserve Chairman Jerome Powell all due out. 

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

Published on Sep 20, 2021 at 4:37 PM
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Published on Sep 20, 2021 at 3:36 PM
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Published on Sep 20, 2021 at 3:25 PM
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Published on Sep 20, 2021 at 2:43 PM
  • Quantitative Analysis
 
Published on Sep 20, 2021 at 2:43 PM
  • Most Active Options Update

Since the retailer's earnings miss several weeks back, the shares of GameStop Corp. (NYSE:GME) have been middling on the charts. The stock has found some support at the 60-day moving average, though today's negative price action -- GME is down 5.8% at $193.05 at last check -- has the equity breaching the formerly supportive 20-day moving average for the first time since late-August.  

gme chart sept 21

Meanwhile, GameStop's early September earnings report has stirred up quite the frenzy in the options pits. The equity landed on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest weekly options volume within the past two weeks, with new names added to the list highlighted in yellow. In the past 10 days, 243,120 calls and 136,066 puts were exchanged. The most popular during this time period was the September 210 call, followed by the 220 call in the same monthly series. 

mao chart sept 20

This bullish sentiment among options traders has been par for the course. Looking a bit further out, in the past 10 weeks, 2.11 calls were picked up for every put at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This reading stands in the slightly elevated 67th percentile of its annual range, implying calls are being picked up at a quicker-than-usual clip. 

For those wanting to join these options traders, now could be the ideal time. GameStop's Schaeffer's Volatility Index (SVI) of 87% sits in the 2nd percentile of its annual range, meaning options traders are pricing in extremely low volatility expectations for the time being. What's more, GME has tended to outperform these expectations, per its Schaeffer's Volatility Scorecard (SVS) of 97 out of a possible 100. Historically, this has been a good thing for buyers. 

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