LOW has already shed 28% since its February record high
Lowe's Companies Inc (NYSE:LOW) is shrugging off a first-quarter earnings beat this morning, last seen down 3.2% at $211.30. The home improvement retailer reported adjusted earnings of $3.03 per share on revenue of $23.08 billion, topping Wall Street estimates of $2.97 per share and $22.97 billion, respectively, while reaffirming its full-year outlook despite a challenging housing market.
LOW has shed roughly 28% since tapping its February record high and earlier touched a fresh one-year low of $208. If today's losses hold, the stock will mark its eighth drop in last 10 sessions.
On the options front, LOW sports a 50-day call/put volume ratio of 2.22 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 94% of all other readings from the past year, meaning traders have been much more bullish than usual.
Over 3,734 calls and 2,402 puts made it across the tape this morning, which is four times the average daily pace. The most popular option by far is the weekly 5/22 220-strike call, with new positions opening at the July 230 call.