Activision Blizzard Stock Dips on Potential Antitrust Lawsuit

The security still sports a roughly 24% year-over-year lead

Digital Content Manager
Nov 25, 2022 at 10:04 AM
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The U.S. Federal Trade Commission (FTC) is likely to launch an antitrust lawsuit to block Microsoft's (MSFT) $69 billion acquisition of Activision Blizzard Inc (NASDAQ: ATVI), according to a Politico report. In response, ATVI is down 3.7% at $73.77 at last glance. 

Prior to today's dip, Activision Blizzard stock had been chopping higher on the charts. The security bounced off the $71 region -- its lowest level since January -- to nab four straight daily wins. Though the security is up 21.2% year-over-year, the shares failed to conquer overhead pressure at the 180-day moving average, which has been in place since September.

Analysts are firmly bullish on ATVI, with 10 of the 17 in question sporting a "buy" or better rating. Plus, the 12-month consensus target price of $92.58 is a 25.3% premium to current levels.

The options pits are far less optimistic. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 1.77 sits in the 96th percentile of its annual range. In other words, puts have been getting picked up at a quicker-than-usual pace over the last two weeks.

Drilling down to today's options activity, 4,125 calls and 3,143 puts have crossed the tape, or double the average intraday volume. The most popular contract by far is the June 90 call. 

 

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