Pepsi stock is sliding despite upbeat first-quarter results
PepsiCo Inc (NASDAQ:PEP) stock is brushing off better-than-expected first-quarter earnings and revenue, last seen down 3.3% at $170.58. Despite seeing a slowdown in demand for its sodas and snacks in the United States due to high inflation, international markets drove growth.
Shares are taking a breather after hitting their highest level since September last session, which came after a bounce off the $166 level earlier this month. The security is today looking to snap a five-day win streak, and has shed 8% in the last year.
Options volume is running at triple the intraday average volume today, with 5,267 calls and 5,766 puts exchanged so far. The most popular contract is the weekly 4/26 170-strike put, but new positions are being bought to open at the 172.50-strike put in that same series.
This denotes a sentiment shift, as short-term options traders have leaned bullish. This is per PepsiCo stock's Schaeffer's put/call open interest ratio (SOIR) of 0.80, which sits in the relatively low 23rd percentile of annual readings.