Oracle Stock Reverses Gains After Earnings Beat

Options volume is running at four times the intraday average

Deputy Editor
Dec 13, 2022 at 4:16 PM
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Oracle Corp (NYSE:ORCL) is in the spotlight after its fiscal second-quarter results beat, with the stock earlier hitting its highest level since January before pulling back to modest losses. No fewer than four analysts raised their price targets after the event, with the highest from Jefferies to $90 from $85, while Cowen and Company slashed its to $96 from $98. At last glance, ORCL was down 1.1% at $80.40. 

Options traders are targeting ORCL at four times the average intraday volume. So far, 65,000 calls and 49,000 puts have crossed the tape. The December 80 call is the most popular, followed by the 85 call in the same monthly series. 

The amount of calls today represents a shift in sentiment. In the last 10 weeks, 1.38 puts have been picked up for every call at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 95% of readings from the past year, indicating long puts being picked up at a much faster-than-usual rate in the last 50 days. 

Options look like a good way to go, too, per the security's Schaeffer's Volatility Scorecard (SVS), which sits at an 89 out of 100. This this means Oracle stock has exceeded option traders' volatility expectations during the past year.


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