NetApp and Intuit earnings beats aren't necessarily helping the stocks
Fintech names NetApp Inc (NASDAQ:NTAP) and Intuit Inc (NASDAQ:INTU) are gapping lower after their respective quarterly earnings reports. The former is brushing off a top- and bottom-line win for its fiscal second quarter, while the latter's dismal current-quarter outlook overshadowed its fiscal second quarter earnings beat.
NTAP was last seen down 2.1% to trade at $123.99, reversing premarket gains after earlier hitting its highest level since 2000. The shares could snap a four-day win streak should losses hold, but sports a 42.5% year-to-date lead and support at $114.
INTU is down 4.5% to trade at $648.04 at last check, extending a pullback from its Nov. 13, three-year high of $714.78. Over the last 12 months, Intuit stock added over 15%.
Options traders are blasting both equities today. NTAP has seen 7,935 calls and 4,174 puts exchanged, while INTU has seen 4,519 calls and 6,277 puts cross the tape so far. That is 10 and five times the volume typically seen at this point for each stock, respectively. For the former the most active is the weekly 11/22 126-strike call, and for the latter it's the 700-strike call in that series, with new positions being opened at both.