Procter & Gamble Reports Mixed Q2 Results

The company raised its 2023 sales growth outlook

Deputy Editor
Jan 19, 2023 at 10:39 AM
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Procter & Gamble Co (NYSE:PG) reported fiscal second-quarter financial results before the bell today. 

The Cincinnati-based consumer goods giant turned in adjusted earnings of $1.59 per share, which matched estimates, though revenue came in just below expectations. Procter & Gamble also raised its 2023 sales growth outlook, as it anticipates higher prices to offset slowing demand for its cleaning products, paper towels, and other household items. 

In response, Procter & Gamble stock was last seen 1% lower to trade at $144.26. On the charts, PG's volatility was marked by multiple fails to close above the $54 level over the last two month. Though the equity has managed to add roughly 15% over the last three months, it still sports a 9.6% year-over-year deficit.

Today's options pits are full of activity on both sides of the tape. In just the first hour of trading, 4,201 calls and 4,214 puts have exchanged hands -- four times the intraday average. Most popular is the weekly by a wide margin is the January 145 call.

Looking further back, puts have been the preferred bet, with the stock's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 1.30 ranks in the 99th annual percentile, meaning puts have been bought to open over calls at a faster-than-usual clip in the past 10 weeks.

Weighing in with options could be the way to go, as PG's Schaeffer's Volatility Index (SVI) of 20% ranks higher than just 15% of readings from the past year. This means options traders are pricing in low volatility expectations.  Furthermore, its Schaeffer's Volatility Scorecard (SVS) sits at a slightly elevated 70 out of 100, meaning Procter & Gamble stock has exceeded option traders' volatility expectations during the past year.



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