The company also missed second-quarter revenue expectations
Verizon Communications Inc. (NYSE:VZ) announced a second-quarter revenue miss this morning amid a slowdown in phone upgrades, as cash-strapped consumers hold onto their devices for longer. The stock was last seen down 6.3% to trade at $39, brushing off better-than-expected subscriber growth.
VZ earlier dipped to its lowest level since April after its latest rally fell short of $42.50, but a familiar floor at the $38.50 level looks ready to contain losses. Though shares are on track for their worst single-day percentage loss since July 2023, they still boast a 23.7% nine-month lead.
Options volume is running at six times the intraday average volume, with 35,000 calls and 33,000 puts exchanged so far today. The most popular contract is the weekly 7/26 39-strike put, followed by the 70-strike call in that same series, with positions currently being opened at both.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio ranks higher than 98% of readings from the past year, meaning puts have been picked up at a much faster-than-usual rate.