BlackRock reported a record $10.6 trillion in managed assets, however
BlackRock Inc (NYSE:BLK) stock was last seen down 0.3% to trade at $826.03, brushing off a second-quarter earnings beat after the investment firm also reported a revenue miss. Higher client asset values and strong demand for its exchange-traded funds (ETFs) contributed to a record $10.6 trillion in managed assets, though TD Cowen still lowered its price target to $966 from $969.
Should today's losses hold, the shares could snap a four-day win streak that came within striking distance of a March 8, two-year high of $845. It's worth noting that the shares' 14-day relative strength index (RSI) of 74 is firmly "overbought" territory, and could explain the pivot from premarket gains to early session losses. Despite its dwindling year-to-date lead, BLK has added 12.7% in the last 12 months, with pullbacks in April and June caught by its 200-day moving average.
The options pits are seeing ramped up activity today, despite low absolute volume. So far today, 637 calls and 504 puts have crossed the tape, which is three times the intraday average volume. The most popular contract is the July 800 put.
Traders looking to speculate on BlackRock stock's short-term price action should consider options. The equity's Schaeffer's Volatility Scorecard (SVS) sits at 81 out of a possible 100, meaning it has handily exceeded options traders' volatility expectations in the past year -- a boon for potential premium buyers.