Semiconductor Stock Jumps on Beat-and-Raise

No less than seven analysts lifted their price objectives on TXN

Deputy Editor
Apr 24, 2024 at 10:28 AM
facebook X logo linkedin


Shares of semiconductor name Texas Instruments Incorporated (NASDAQ:TXN) are 6.8% higher at $176.65, following the firm's first-quarter financial report. The chipmaker reported earnings and revenue that bested analysts' expectations, and issued second-quarter outlook that hinted at strong demand.

No fewer than seven analysts lifted their price targets on TXN, the highest coming from Evercore ISI, which lifted its objective from $213 to $225 -- a 27.4% premium to current levels. There is room for more of upgrades, considering 17 of 26 covering brokerages rate Texas Instruments stock a "hold" or worse.

The options pits are brimming with activity today. Already, 9,800 calls and 15,000 puts have been exchanged, which is nine times the average intraday volume. Most popular by far is the May 150 put.

This preference for bearish bets is nothing new. Per TNX's 10-day put/call volume ratio of 1.76 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), this ratio stands in the 92nd percentile of its annual range. Echoing this, its Schaeffer's put/call open interest ratio (SOIR) of 1.06 is higher than 87% of readings from the past year. 

Texas Instruments stock just gapped to a roughly nine-month high on the charts, though it is trading back below the $176 level that's acted as pressure on a closing basis for the entire year. The equity also just cleared recent resistance at its 80-day moving average, and sports a 4.2% year-over-year lead.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI