Procter & Gamble Stock Gaps Lower on Mixed Results

Quarterly earnings beat estimates on increased volume

Jake Scott

Deputy Editor

Jul 30, 2024 at 10:08 AM

Cincinnati-based consumer goods firm Procter & Gamble Co (NYSE:PG) reported mixed fiscal fourth-quarter results this morning. While earnings surpassed expectations as volume increased for the first time in more than two years thanks to strong demand for several key segments, revenue missed Wall Street's estimates. In response, PG was last seen 5.8% lower at $159.93.

Options traders are targeting Procter & Gamble stock following the results. So far today, 11,000 puts and 11,000 calls have exchanged hands, which is seven times the intraday average volume. Most active is the weekly 8/2 160-strike put, where new positions are being bought to open.

On the charts, PG yesterday attempted to rally back toward its July 18 record high of $170.92, but lost steam after crossing above the $170 level. The shares are now trading below the $160 level for the first time since April 24, but still sport an 8.7% lead for 2024.

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