Qualcomm and Tesla are among the stocks powering the QQQ’s higher this morning. Tesla received an upgrade from Morgan Stanley, Qualcomm is higher on news of providing 5G chips for iPhones out through 2026.
On the earnings from this week, we have Oracle today after the bell, and Adobe on Thursday. The big economic data of the week is CPI on Wednesday but we also have the ECB rate decision, US Retail Sales, and PPI on Thursday. All potentially market moving.
Weekly Expected Moves:
- SPY: 1.1%
- QQQ: 1.4%
- IWM: 1.4%
Options are pricing about a 4.5% move. That’s higher than the past 4 actual earnings moves in the stock which were 0%, -3%, -1% and -1%. One would have to assume that the reason for expectations of a larger move than recent ones center around any AI updates in the numbers and on the call. AI has breathed life into some of these old tech stocks and makes for a but more mystery on calls.
- Tesla Inc (TSLA) +5.94%
- Qualcomm Inc (QCOM) +4.52%
- Hostess Brands Inc (TWNK) +18.32%
- Xpeng Inc ADR (XPEV) +4.27%
- Astrazeneca Plc ADR (AZN) -2.96%
- Crinetics Pharmaceuticals Inc (CRNX) +60.93%
- Oracle (ORCL) Expected Move: 4.6%
- Casey’s General Stores, Inc. (CASY) Expected Move: 4.20%
Full list here: Options AI Earnings Calendar
Overbought (RSI): OKTA (76), XLE (72), HAL (70), ORCL (70), IBM (69)
Oversold (RSI): JBLU (17), JWN (22), CHWY (23), JETS (27), UPS (27)
High IV: ORCL (+127%), HTZ (+97%), PFE (+96%), MU (+96%), PEP (+93%)
Unusual Options Volume: WE (+1668%), DOCU (+686%), AMC (+600%), ORCL (+442%), HPQ (+399%), SQ (+384%), BILI (+379%), SNOW (+326%), INTC (+314%), ABNB (+287%), LCID (+277%), TSLA (+272%), WYNN (+269%)
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