The latest C-suite shakeup has hit Kenvue
Tylenol parent Kenvue Inc (NASDAQ:KVUE) is up 1.4% to trade at $21.64, after the company fired its CEO Thibaut Mongon amid efforts to revamp performance. Mongon also stepped down from his position on the board, as Kirk Perry was named interim CEO. This marks the second C-suite shakeup for Kenvue this year, after Chief Financial Officer (CFO) Paul Ruh was replaced with Amit Banati in May. The company also said tariffs could create a negative impact of up to $150 million.
KVUE is eyeing a fourth-straight win, a streak not seen since the last week of April. Today's pop has pushed the equity back above its year-to-date breakeven mark, with the shares now contending with the overhead 100-day moving average.
Options traders are flocking to the shares in response to today's news, with 17,000 calls and 4,507 puts exchanged so far, double the average intraday rate. Most popular are the November 23 and 24 calls.
Options traders have been bullish on the security for some time. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OM X PHLX (PHLX), KVUE's 50-day call/put volume ratio of 37.42 ranks in the 95th percentile of annual readings.
Echoing this, short-term traders are also sporting a call-bias. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 0.19, which stands in the 2nd percentile of readings from the past 12 months.