Texas Instruments Stock Draws Pre-Earnings Bull Notes

Call volume is running at four times the intraday average

Deputy Editor
Jan 23, 2023 at 2:53 PM
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Texas Instruments Inc (NASDAQ:TXN) is seeing quite a bit of bullish activity ahead of its fourth-quarter earnings report, due out after the close tomorrow, Jan. 24, in which analysts expect profits of $1.98 per share. Barclays today raised its price target to $165 from $150, while Truist Securities upped its own to $177 from $158. 

Call traders are chiming in as well, with 28,000 calls exchanged so far, which is four times the intraday average, and double the amount of puts across the tape at this point. The March 190 call accounts for most of this volume, with new positions opening there. 

TXN has finished only three of its last eight post-earnings sessions higher, though that includes a 6.7% pop in July. This time around, the options pits are pricing in a next-day swing of 7.1%, regardless of direction, which is higher than the 4% move the stock has averaged over the past couple years. 

At last glance today, TXN was up 2.3% at $177.04. The $180 level has given the shares some trouble lately, though the stock has broken above all significant short- and long-term moving averages. Since the start of the year, Texas Instruments stock is up 7.9%. 


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