Walgreens Boots Alliance announced better-than-expected fiscal first-quarter results
Walgreens Boots Alliance Inc (NASDAQ:WBA) had a rough 2024. In fact, it was the worst performing stock on the S&P 500 Index (SPX) for the year, losing 64.3% in 12 months. This also marked the equity's third-straight losing year.
WBA is kicking off this year with a bang, however. The shares were last seen up 24.8% at $11.50 today, after the pharmaceutical giant's better-than-expected fiscal first-quarter results. The company's turnaround plan will continue, and though Walgreens CEO Tim Wentworth said it will take time, he also said "our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model."
On track for its best day ever, WBA is further removing itself from its November 21 low of $8.08, which was its lowest level since 1996. The $12 level still lingers above, however, which rejected the shares multiple times June-August.
Unsurprisingly, WBA is attracting the attention of options bulls today. So far, 182,000 calls have been exchanged compared to 45,000 puts, with overall volume already at 3.3 times the average daily amount. The February 10 call is the most popular contract, followed by the weekly 1/10 12-strike call, with new positions being bought to open at the latter.
Calls were more popular than usual leading up to today too. WBA's 50-day call/put volume ratio of 3.57 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past year.