Retail Stock Dips on Disappointing Holiday Forecast

Options traders are blasting the security post-earnings

Deputy Editor
Nov 15, 2023 at 11:21 AM
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Target's (TGT) post-earnings surge is taking the spotlight in the retail sector today, though not all of its peers are enjoying a lift. The shares of TJ Maxx parent TJX Companies Inc (NYSE:TJX) are falling, despite the company's strong third-quarter results and raised annual forecast. The discount retailer's disappointing holiday-quarter profit forecast is weighing on the stock, which is down 3.7% at $89.09 at last glance. 

TJX stock hit an intraday peak of $93.25 yesterday, just shy of its Sep. 14 record high of $93.78. Though the stock is pulling back today, its ascending 100-day moving average, which captured losses for several days in late October, lingers below as support. Since the start of the year, the equity is up 12.4%. 

Options bulls are targeting TJX after the earnings event. So far, 14,000 calls have been exchanged, which is six times the call volume typically seen at this point, in comparison to 8,112 puts. The November 90 call is the most active contract.

Analysts, meanwhile, have yet to make any adjustments today. Of the 19 brokerages in coverage, 16 carry a "strong buy" rating, with three a tepid "hold," while the 12-month consensus price target of $100.38 is a 12.4% premium to current levels. 

 

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