Options Traders Target Foot Locker Stock After Earnings

Options volume is running at 8 times the intraday average

Deputy Editor
Mar 20, 2023 at 10:25 AM
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Foot Locker, Inc (NYSE:FL) topped Wall Street's expectations for its fourth-quarter results, after increased customer traffic and improved inventory drove top- and bottom-line wins. Comparable-store sales grew by 4.2%, but the company set its full-year profit below analysts' estimates.

The options pits are bustling with activity today, with 6,924 calls and 4,328 puts traded, or eight times the average intraday volume. Most popular is the weekly 3/24 40.50-strike put, while new positions are also being opened at the second most popular contract, which is the 50-strike call in the same series.

Foot Locker stock roared out of the gate, opening at $46.64, though it has pulled back slightly and was last seen up 3.1% to trade at $43.54. Today's bull gap placed FL back above the $46 level for the first time since February. Year-to-date, the shares are up 17.5%. 

A broader look shows options traders have favored calls. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Foot Locker stock's 50-day call/put volume ratio of 2.21 ranks higher than all but 2% of annual readings, implying an unusually healthy appetite for bullish bets over the last 10 weeks.



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