General Electric Announces $3 Billion Share Buyback Program

The options pits have been more bearish than usual

Deputy Editor
Mar 9, 2022 at 10:31 AM
facebook X logo linkedin

General Electric Co (NYSE:GE) is up 3.8% at $91.46 this morning, following news that the company's board of directors approved a $3 billion share buyback program. What's more, General Electric yesterday announced it will join a growing list of firms that are suspending operations in Russia, though it will still provide medical equipment and power generation services.

On the charts, General Electric stock recently slipped below a floor at the $88 mark, though it is now looking to close well above this area. Still, overhead pressure at the 200-day moving average remains in place, and has thwarted multiple rally attempts since November. Year-to-date, GE has lost 8.7%.

The equity is seeing more options activity than usual in response to the news. So far, 4,566 calls and 4,443 puts have crossed the tape, which is nearly double the amount that's typical at this point. The weekly 3/11 90-strike put is the most popular, with new positions being opened there. 

A broader look shows a penchant for bearish bets. This is per General Electric stock's 50-day put/call volume ratio of 1.04 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 98% of readings from the past year. 

Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.16 sits higher than 89% of annual readings. In other words, short-term options traders have rarely been more put-biased.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI