Bank of America Stock Lower on Revenue Miss

So far today, 90,000 calls have already crossed the tape

Digital Content Manager
Jan 12, 2024 at 10:54 AM
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The bank earnings floodgates have opened, and Bank of America Corp (NYSE:BAC) is among the first to report results. While the company's fourth-quarter profit beat analysts' estimates, revenue missed expectations and fell 10% compared to the same quarter last year. BAC is down 2.1% at $32.44.

The 40-day moving average looks ready to contain this pullback, which has BAC on track for a fifth-straight daily loss. Shares taking a breather after hitting their highest level since March last week, and boast a 10.5% nine-month lead, despite shedding 5.5% in the past year. 

Options volume is today running at double the intraday average amount, with 90,000 calls and 58,000 puts exchanged so far. Positions are currently being opened at the most active contract -- the weekly 1/12 33-strike call -- which expired after today's market close.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BAC'S 10-day call/put volume ratio of 2.85 stands higher than 82% of readings from the past year. This suggests options traders have been more bullish than usual of late.

Options seem like a good way to go when weighing in on Bank of America stock, since its elevated Schaeffer's Volatility Scorecard (SVS) of 91 out of 100 means it tends to exceed volatility expectations.


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