Options traders are crowding both LLY, MMM after the company's upbeat earnings
Stocks are lower across the board today, but don't blame Eli Lilly And Co (NYSE:LLY) and 3M Co (NYSE:MMM). The drugmaker and blue-chip are up 7.3% and 2.9%, respectively, after each company reported upbeat first-quarter earnings this morning.
LLY was last seen trading at $777.43, on track for a third-straight win and best single-session pop since February 5. The pharmaceutical giant's raised profit and revenue forecasts for 2024 are what's driving the gains today. Eli Lilly stock is now up 33.6% in 2024, with support stepping up recently at their 80-day moving average.
At last check, over 27,000 calls have changed hands, volume that's eight times the average intraday amount and nearly double the number of puts traded. The weekly 5/3 800- and 830-strikes are the most popular, with buy-to-open activity detected at each.
MMM is trading at $96.05 at last check, earlier hitting a new 52-week high of $96.90. The industrial conglomerate noted that price hikes helped secure the profit beat and offset the impact of slower sales. The shares are building some distance from their year-to-date breakeven level, with support from their ascending 30-day moving average since an early-March bull gap.
Already today, 11,000 calls have been traded, compared to just 4,800 puts. Weeklies are again popular, with the 5/3 97- and 100-strikes leading the charge. There's also notable activity at the June 100 call.