HPQ is heading for its best single-session gain in more than 10 years
Despite the major indexes swimming in red ink today, the shares of C3.ai Inc (NYSE:AI) and HP Inc (NYSE:HPQ) are skyrocketing, after the two tech companies reported better-than-expected fiscal fourth- and second-quarter results, respectively.
C3.ai stock is 17.9% higher to trade at $28.19, on track for its best single-session gain since Feb. 29 and poised for its highest close since March 18. The artificial intelligence (AI) company's earnings beat also attracted an upgrade to "outperform" from "market perform at Northland Capital, as well as a price-target hike from Morgan Stanley to $23 from $21. AI's now 30% pop in May has the shares reclaiming -- for now -- their year-to-date breakeven level.
Last seen up 18.9% to trade at $39.11, HPQ earlier hit a fresh two-year high of $39.52 and is heading for its best day since 2013. The stock drew seven price-target hikes, the highest coming from J.P. Morgan Securities to $38 from $34. So far this year, HP stock has already amassed a more than 29% lead.
Both securities are seeing unusual options activity today. For AI, 147,000 calls and 77,000 puts have been exchanged -- six times the intraday average volume -- with new positions being bought to open at the most popular weekly 5/31 28-strike call.
For HPQ, options volume is running at 16 times the volume typically seen at this point, with 132,000 calls and 46,000 puts traded so far. The June 40 call is getting the most attention, with new positions being bought to open.