IBM is looking to snap a three-day losing streak
Shares of IBM Corp (NYSE:IBM) are on the rise, up 2.9% at $296.81 at last glance, after news broke that the company is partnering with fellow Dow member Cisco Systems (CSCO) to build a network of "large-scale, fault-tolerant quantum computers." With plans to finish by early next decade, the two hope to offer a proof-of-concept within five years.
On the charts, IBM just experienced a short-term pullback from its Nov. 12 record high of $324.90, looking to snap a three-day losing streak with today's pop. Year to date, the equity is up 35.2%.
Put traders have been targeting the stock over the last couple weeks. Though calls are still winning out on an absolute basis, IBM's 10-day put/call volume ratio of 0.91 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 90% of readings from the past year.
IBM tends to outperform options traders' volatility expectations. This is per its Schaeffer's Volatility Scorecard (SVS) of 93 out of 100.