Good morning!
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Futures are flat this morning. The debt ceiling bill passed the House and removes yet another point of potential volatility for the market near term. Salesforce is down 7% pre-market following their earnings. Options had that potential move more or less right just under 8%. Salesforce stock had a terrible 2022, down from $300 to $125, and was having a pretty good 2023, recovering about half that move.
Earnings today include Lululemon and Broadcom, both after the close. Broadcom stock has been on fire, up 19% in the past week and nearly 30% in the past month. Options are pricing about an 8% move for the report.
Tomorrow morning sees the big economic data release of the week with the NFP jobs number. Options are pricing about an 0.8% move for the balance of the week. That’s about 15 IV, vs 13 next week. Both on the low side, options are pricing in a little bit of volatility on the number (compared to next week), but not much.
Pre-Market Movers:
- Lucid Group Inc (LCID) -13.02%
- Macy’s Inc (M) -5.81%
- Sofi Technologies Inc (SOFI) -5.48%
- C3.Ai Inc Cl A (AI) -17.90%
- U Power Limited (UCAR) +50.48%
- Okta Inc Cl A (OKTA) -19.89%
- Caremax Inc (CMAX) +2.66%
- Chewy Inc (CHWY) +17.84%
Today’s Earnings Highlights:
- Broadcom Inc. (AVGO) Expected Move: 8.10%
- Dollar General Corporation (DG) Expected Move: 10.70%
- Lululemon Athletica Inc. (LULU) Expected Move: 6.88%
- MongoDB, Inc. (MDB) Expected Move: 11.02%
- Zscaler, Inc. (ZS) Expected Move: 8.64%
- Five Below, Inc. (FIVE) Expected Move: 6.60%
- Macy’s, Inc. (M) Expected Move: 10.57%
- ChargePoint Holdings, Inc. (CHPT) Expected Move: 10.69%
Full list here: Options AI Earnings Calendar.
Economic Calendar:
- At 08:15 AM (EST) ADP Employment Change (May) Estimates: 170, Prior: 296
- At 01:00 PM (EST) Fed Harker Speech Impact: Medium
Options AI Scanner Highlights:
- Overbought (RSI): ETRN (90), PLTR (85), AVGO (83), MVIS (82), META (81), VMW (76), CRM (75), CRWD (75)
- Oversold (RSI): CGC (6), SRPT (16), BUD (19), TGT (20), KO (20), IQ (21)
- High IV: BTG (+493%), MMAT (+422%), VRAY (+239%), FFIE (+236%), LU (+233%), IEP (+223%)
- Unusual Options Volume: OKTA (+1063%), CRM (+961%), PEP (+959%), JWN (+899%), IP (+812%), CHWY (+804%), SOFI (+803%), INTC (+771%), AI (+724%), LULU (+721%), CRWD (+641%)
Full lists here: Options AI Free Tools.
Chart of the Day:
Broadcom (AVGO) options are pricing about an 8% move for earnings.
That’s all for now. Have a great day!
The Options AI Team
Based upon publicly available information derived from option prices at the time of publishing. Intended for informational and educational purposes only and is not any form of recommendation of a particular security, strategy or to open a brokerage account. Options price data and past performance data should not be construed as being indicative of future results and do not guarantee future results or returns. Options involve risk, including exposing investors to potentially significant losses and are therefore not suitable for all investors. Option spreads involve additional risks that should be fully understood prior to investing. Securities trading is offered through Options AI Financial, LLC, member FINRA and SIPC.
