Netflix has quietly strung together an outstanding year on the charts
Netflix Inc (NASDAQ:NFLX) stock is 8.3% higher to trade at $744.38, and earlier hit a new record high of $756.89 after a blockbuster third-quarter earnings report. For the quarter, the streaming giant tallied earnings per share of $5.40 on revenue of $9.83 billion, saw total paid subscribers of 282.70 million, and issued fourth-quarter guidance that was ahead of expectations.
Prior to today's pop, the shares were testing their 80-day moving average. Netflix stock is about to nab its 10th weekly win in 11, and now stands 55% higher since the start of 2024, with an 86.6% year-over-year lead to boot.
At last check, 71,000 calls and 62,000 puts have crossed the tape today, which is 14 times the intraday average amount. New positions are being bought to open at the most popular October 750 call that expires at the end of today's trading.
This denotes a shift in sentiment, as bearish bets were the popular pick over the last two weeks. NFLX's 10-day put/call volume ratio of 1.10 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 98% of readings from the past 12 months.