Bank of America and Citigroup came out of earnings today unscathed
The earnings floodgates are open, and banks are the first names rushing out. Blue chip Goldman Sachs (GS) was the opening act yesterday, and now Bank of America Corp (NYSE:BAC) and Citigroup Inc (NYSE:C) are taking the spotlight today.
BAC is up 4.4% to trade at $38.32, after first-quarter earnings and revenue topped expectations amid upbeat net interest income and trading revenue. The stock is now down 13% in 2025, bouncing off an 18-month low of $33.06 on April 9.
Calls are understandably flying off the shelves today. At last check, over 110,000 calls have changed hands, volume that's five times the average intraday amount and almost triple the number of puts. Most of this attention is at the April 39- and 40- strikes expiring on Thursday, with the former seeing new positions bought to open.
Citigroup stock is 3% higher to trade at $65.16 after the company's own top-line beat. C is 12% higher year-over-year, and is starting to fill the April 3 gap lower brought on by President Trump's tariff chaos. The shares are still a far cry from their Feb. 18 17-year high of $84.74, however.
Citi's options skew today is more muted, but still biased. Over 26,000 calls have changed hands in just the first hour of trading, volume that's double the average intraday amount. The April 67 call is seeing new positions bought to open, while the April 65 call is the most popular today.