Wells Fargo Joins Bank Earnings Deluge

Options traders are swarming the bank name

Emma Duncan

Managing Editor

Oct 11, 2024 at 11:19 AM

Banking giant Wells Fargo & Co (NYSE:WFC) is one of several big finance firms that are fresh off an early morning earnings report. WFC is up 5% to trade at $60.73 at last check, boosted by its third-quarter top- and bottom-line wins. Wells Fargo posted third-quarter earnings of $1.52 on revenue of $20.37 billion.

Today's pop has WFC breaking above recent resistance at the 120-day moving average and $58 level. In fact, the shares, which are pacing for their best daily percentage pop since Feb. 15, are poised to close above $60 for the first time since July.

Unsurprisingly, options traders are moving in, with 56,000 calls across the tape so far today, volume that's 4 times the average intraday amount. Most popular is the October 60 call. Short-term options traders have been call-heavy as well, per the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.86, which stands in the 6th percentile of readings from the past 12 months.

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