Walgreens Boots Alliance Stock Pops After Earnings

Call traders are targeting WBA after the event

Deputy Editor
Mar 28, 2023 at 11:01 AM
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Walgreens Boots Alliance Inc (NASDAQ:WBA) stock is enjoying post-earnings tailwinds today, up 3% to trade at $33.94 at last glance. The blue-chip pharmaceutical giant posted fiscal second-quarter earnings of $1.16 per share on revenue of $34.86 billion, which is higher than the estimated $1.10 per share and $33.53 billion.

On track for its third-straight day of gains after bouncing off the $32 level, the stock is still running into pressure at the $34 level. Plus, its 40-day moving average lingers overhead, a trendline that has kept a lid on the shares since the start of February. 

So far today, options bulls are taking charge in the options pits, with 13,000 calls -- four times the intraday average amount -- and 7,866 puts exchanged so far. The weekly 3/31 33.50-strike call is the most active contract, with new positions opening. 

This represents a shift in sentiment amongst options traders, as WBA's 10-day buy-to-open put/call volume ratio of 1.16 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year. 

Analysts have yet to chime in, but could soon, with the majority pessimistic towards the security. Of the 16 in coverage, 13 carry a "hold" or worse rating. 

 

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