Procter & Gamble's Higher Prices Drive Quarterly Win

PG is eyeing its best single-day percentage gain since July 28

Digital Content Manager
Oct 18, 2023 at 10:15 AM
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The shares of Procter & Gamble Co (NYSE:PG) are up 2.3% to trade at $149.67 at last check, on the heels of the consumer goods company's better-than-expected third-quarter earnings and revenue. The strong results came even as sales volume fell amid higher prices.

The equity is bouncing off the $142 region, which also contained a late May pullback, but overhead pressure at the 60-day moving average could cap today's gains. Now pacing for its fifth-straight gain and and best day since July 28, PG rose 17.2% in the last 12 months.

Bullish bets are already running at 17 times the intraday average, with 13,000 calls traded so far, compared to 5,944 puts. Most popular are the October 152.50- and 150-strike calls, with positions opening at the former.

This points to a shift in sentiment, per Procter & Gamble stock's 10-day put/call volume ratio of 1.51 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that sits in the 86th percentile of annual readings. This indicates puts were getting picked up at a much quicker-than-usual clip.

What's more, PG's Schaeffer's Volatility Scorecard (SVS) sits at an elevated 90 out of 100, suggesting it exceeded option traders' volatility expectations during the past year. 

 

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