Target Stock Eyes Best Day Since 2019 After Earnings

TGT is on track to conquer technical pressure today

Digital Content Manager
Nov 15, 2023 at 10:15 AM
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Target Corp (NYSE:TGT) earlier reported a top- and bottom line win for the third quarter, and shared an upbeat holiday quarter forecast. Fewer discounts, reduced inventories, and easing costs helped the retailer, which still saw a drop in comparable sales as consumers focused on food and essentials due to high inflation. At last check, TGT is up 17.4% at $129.78. 

Today's bull gap has the shares trading at their highest level since August, after a bounce off the $105 level. The equity is also set to close above its 80-day moving average for the first time since April, and is pacing for its biggest single-day percentage gain since August 2019. TGT still carries a 12% year-to-date deficit, though.

Options traders have been much more bearish than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 50-day put/call volume ratio of 1.05 that stands higher than 80% of annual readings.

That pessimism is already be in the process of unwinding. So far today, 114,000 calls and 60,000 puts have exchanged hands, volume that's 22 times the intraday average amount. Most popular is the November 130 call, followed by the 128 call in that same series, with new positions being opened at both.


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