Bulls Buy Up McDonald's Stock After Quarterly Win

New menu items helped McDonald's draw in consumers

Digital Content Manager
Oct 30, 2023 at 10:15 AM
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McDonald's Corp (NYSE:MCD) stock is up 0.5% to trade at $257.06 at last check, after the fast food giant reported top- and bottom-line wins for its third quarter. Higher prices helped the company secure a 8.1% rise in same-store sales in the U.S., with new menu items like the Cheesy Jalapeno Bacon quarter pounder and Spicy Chicken McNuggets drawing in costumers.

Nevertheless, the $261 level is still keeping a tight lid on shares, after turning down a rally earlier this month. While it shed 14% in the last six months, MCD has consolidated above the 20-day moving average and the $255 region also providing a floor in the past week.

The options pits are abuzz today too, with 12,000 calls traded so far -- seven times the intraday average volume -- compared to just 4,701 puts. Most popular is the weekly 11/10 257.50-strike call, with new positions opening there, as the weekly 11/3 260-strike call trails not far behind.

Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day call/put volume ratio of 1.86 ranks higher than 75% of annual readings. This indicates options traders have been much more bullish than usual.

 

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