Nike Stock Bounces Off 2023 Lows After Profit Beat

Analysts are having mixed reactions to the results, though

Digital Content Manager
Sep 29, 2023 at 10:45 AM
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Nike Inc (NYSE:NKE) announced better-than-expected fiscal first-quarter earnings of 94 cents per share after yesterday's close, though revenue missed estimates. Higher apparel and sneaker prices offset slowing demand and cost pressures, but analysts are still having mixed reactions to the results, with three price-target cuts and two hikes already doled out.

NKE is up 7.8% at $96.58 at last check, blasting above overhead pressure at the 20-day moving average right out of the gate. Today's bull gap comes after the shares yesterday hit a 2023 low of $88.68. So far this year, Nike stock has already shed more than 17%.

Options volume is running at eight times the intraday average amount so far today, with 82,000 calls and 61,000 puts exchanged. Most popular is the weekly 9/29 100-strike call, where new positions are being bought to open, though they expire at the close.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NKE's 50-day put/call volume ratio of 2.79 sits in the 73rd percentile of readings. This suggests long puts have been popular of late. 

Now looks like a great opportunity to weigh in on the equity's next move with options. This is per Nike stock's Schaeffer's Volatility Scorecard (SVS), which ranks at an elevated 89 out of 100, meaning it has exceeded option traders' volatility expectations in the past year. 

 
 

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