Uber reported mixed first-quarter results
Rideshare stock Uber Technologies Inc (NYSE:UBER) is down 1.4% at $84.65 at last glance, after the company's mixed first-quarter results. Earnings of 83 cent per share beat the Zacks Research estimate of 51 cents per share, while revenue of $11.53 billion slightly missed expectations.
Today's drop has UBER looking to snap a three-day win streak. The stock hovered around $86.50 at its highs during the last two sessions, but failed to extend its Oct. 11 record high of $87. Today, former pressure at the $80 level looks to be keeping losses in check. Since the start of the year, the equity is up 40.7%.
It's worth noting that UBER's 14-day relative strength index (RSI) of 79 sits on the cusp of "oversold" territory, meaning today's pullback could've already been in the cards.
Over in the options pits, 150,000 calls and 63,000 puts have crossed the tape, which is 4 times the overall options volume typically seen at this point. The May 87.50 call is the most popular, followed by the weekly 5/9 80-strike put, with new positions opening at the latter.