Retail Stock Eyes Fresh Record High After Earnings

Easing inflation drove TJX Companies' strong results

Digital Content Manager

Aug 16, 2023 at 9:16 AM

TJX Companies Inc (NYSE:TJX) is up 3.2% to trade at $88.50 before the bell, after the T.J. Maxx and HomeGoods parent announced a second-quarter earnings and revenue win. Amid easing inflation, demand for discounted apparel and home decor drove the strong results, leading the retailer to hike its annual profit and comparable sales guidance for fiscal 2024. TJX also attracted a price-target hike from CRFA to $85 from $80.

Should today's positive price action hold, the security could kick off the session at a fresh record high. The $85 region has been providing a floor for the shares, while the 20-day moving average has been supportive since June. Year-over-year, TJX is up 31.2%.

The options pits are already filled with Maxxinistas. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 1.93 sits higher than 84% of readings from the past year. This means long calls have been picked up at a quicker-than-usual clip in the last two months.

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