VFC Veers Lower After Mixed Q3 Report

Put traders are chiming in at a faster rate so far today

Assistant Editor
Jan 27, 2021 at 10:54 AM
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The shares of VF Corporation (NYSE:VFC) are down 3.8% at $81.89 at last check, with today's broader market sell-off likely weighing despite the company reporting better-than-expected fiscal third-quarter earnings. VF Corporation announced earnings of 93 cents per share, which is higher than the 90 cents anticipated by analysts, while revenue came in below forecasts. Furthermore, the footwear retailer raised its full-year guidance as stay-at-home shoppers boosted online sales for sportswear and athleisure apparel. 

Before today's drop, VFC was making a climb back toward the $90 level, which has served as a ceiling for the stock's highest rallies in the last few months and is home to its Jan. 7 annual high of $89.68. Currently, the equity is hovering well below its year-over-year breakeven point.

Amongst the brokerage bunch, 12 of the 18 analysts in coverage carry a "buy" or better rating. Meanwhile, the stock's 12-month consensus price target of $94.10 is a 14.9% premium to current levels. 

Calls have overwhelmingly been popular, per VFC's 10-day call/put volume ratio of 13.67 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 96% of readings from the past year. So far in today's trading, 1,459 calls and 340 puts have crossed the tape so far. However, it's interesting to note that this has puts running at quadruple what's typically seen at this point. 

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