Procter & Gamble will report earnings before tomorrow's open
Proctor & Gamble Co (NYSE:PG) is slated to step into the earnings confessional before tomorrow's open. Analysts anticipate third-quarter profits of $1.72 per share on revenue of $21.6 billion. Looking at PG's earnings history, there's a precedent for decent post-earnings returns, with five of eight next-day sessions ending higher. The last eight quarters produced an average post-earnings move of 2.9%, regardless of direction.
Ahead of the event, PG is lower, last seen down 0.2% at $145.79. The shares are bouncing from below the $142 level, while standing well beneath their early August, more than 12-month high of $158.38. Procter & Gamble stock is down 3.6% in 2023, but maintains a 16.8% year-over-year lead.
Short-term options traders are more bullish than usual. This is according to PG's Schaeffer's put/call open interest ratio (SOIR) of 0.61, which stands in the relatively low 18th percentile of annual reading. In other terms, these traders have favored calls over puts.