Long trade : BROS +7% (6/24)

 

 

 

Unusual Options Activity Fri 12/1/23

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• ELF Dec 125 calls (volume: 1630, open int: 340, implied vol: ~102%, prev day implied vol: 87%). Shares moving higher in sympathy with strong Ulta Beauty earnings. Co is expected to report earnings late January.
• FLWS Jan24 10 calls are seeing interest with the underlying stock up 5% (volume: 5060, open int: 10, implied vol: ~50%, prev day implied vol: 41%). Co is expected to report earnings early February.
• BROS Dec 28 puts  are seeing interest with the underlying stock up 5% (volume: 3460, open int: 10, implied vol: ~44%, prev day implied vol: 42%). Co is expected to report earnings late February.
• CAT Dec 265 calls (volume: 4690, open int: 90, implied vol: ~25%, prev day implied vol: 24%). Co is expected to report earnings late January.
  

Bearish Put Activity:

• RPHM Dec 5 puts are seeing interest with the underlying stock up 4% (volume: 2200, open int: 110, implied vol: ~551%, prev day implied vol: 424%). 1780 contracts traded in a single transaction. Co is expected to report earnings early March.
• BMBL Feb24 12 puts (volume: 2840, open int: 2720, implied vol: ~49%, prev day implied vol: 46%). 2K traded in a single transaction. Co is expected to report earnings early March.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.89, VIX: (12.73, -0.19, +1.0%).
December 15 is options expiration -- the last day to trade December equity options.

Dutch Bros (BROS) reported earnings on Wed 22 Feb 23 (a/h)

 ** charts before earnings **

** charts after earnings **

Dutch Bros misses by $0.03, beats on revs; guides FY23 revs in-line

• Reports Q4 (Dec) earnings of $0.03 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of $0.06; revenues rose 44.1% year/year to $201.83 mln vs the $196.44 mln S&P Capital IQ Consensus.
  • System same shop sales2 grew 1.0%, inclusive of the impact of our fortressing strategy, which results in sales being transferred from existing shops to new ones, as compared to 2021 and 11.4% on a 3-year stacked basis3. Company-operated same shop sales grew 0.6%, inclusive of the impact of our fortressing strategy, as compared to 2021 and 10.4% on a 3-year stacked basis3.
  • Adjusted EBITDA5, a non-GAAP financial measure, increased 8.4% to $91.2 million6 as compared to $84.1 million4 in 2021.
• Co issues in-line guidance for FY23, sees FY23 revs of $950-1000 mln vs. $981.07 mln S&P Capital IQ Consensus.
  • Same shop sales growth is estimated to be in the low single digits. At this point we have no plans to take additional menu pricing in 2023. We expect low-single digits growth from pricing to roll-over into 2023 from menu pricing taken in 2022.
  • Adjusted EBITDA is estimated to be approximately $125 million.

Earnings this week : Feb 20 - 24, 23 (wk 8)

Monday (Feb 20)

• Afternoon: ADTN CPRT PLOW MTW NDSN WMB

Tuesday (Feb 21)

• Morning: ARNC AWI AVNS BCRX DAN DRH DFIN ELAN NPO ETRN ESPR EXPD FLR HRMY HD HUN IR JBT JELD LGIH LECO LPX MDT MIDD TAP PEG SPNS SMP TECK TPH TRN WD WMT WLK
• Afternoon:  ABCL ALIT ATRC AGR BCC CZR CWH CHK CWAN COIN CSGP CW FANG ESI EXAS FLS GFL GMED HALO TWNK IAA IOSP KAR KW KEYS LZB MTDR MATX MED NHI PANW PEB PUMP PTCT PSA QTWO O RBA SRPT SBAC SPT STAA SKT TOL RIG UFPI UNVR VNOM WSC WK ZIP

Wednesday (Feb 22)

• Morning:  ALLE AVA BIDU BCO CRL CSTM DRVN EDIT EVBG FVRR FDP GRMN GEL THRM ROCK GIL GLBE HEES IBP IART IONS LIVN NI OSTK PGTI PLAB DOC PRG RGEN SBGI STLA SHO TJX TNL UTHR VRT WING WIX WWW
• Afternoon:  ACVA AGI ATUS AMWL ANSS APA AMK BTG BMBL WHD CPE CAKE CHDN CIVI CDE FIX CTRA CCRN DVA BROS EBAY ECPG EPR ETSY EVTC EVH EXR FPI FNF FIVN GKOS GSHD ICLR IMAX KALU LMND LGND LCID MGNI MRVI VAC DOOR MTTR MGRC MMSI MOS MYRG NTAP NUVA NVDA OLO OGS ORA OUT PAAS PK PDCE PXD LUNG RXT RELY RCII SNBR SM STRA RGR NOVA RUN TNDM TDOC TPIC TMDX USPH UCTT UIS U VMI VCYT WES

Thursday (Feb 23)

• Morning: AGIO BABA ALNY AEP AMT HOUS AMBP BAND BBWI BHC CARS CBRE LNG CQP IMOS CCOI COMM DEN DPZ DTE EME ENOV EXLS AG FCN GPC HLMN HNI INSM NTLA IRM KDP KYMR LNTH LKQ MPW MFA MGPI MRNA MODV NABL NEO NTES NEM NICE NKLA NOMD NVCR OGE OPCH PZZA PCG PLNT PRMW PWR RSKD SPTN SRCL SHOO FTI TNK TFX TNC SHYF THRY BLD TAC TRS VCEL VIPS W WOW YETI
• Afternoon:  ACCO ALRM ALKT LNT ALTR AMH ACA ADSK BALY BBDC BYND BIGC SQ BKNG BCOV BWXT CABO CRC CVNA CE CHE CDXS COLL CYRX LAW CUBE CWK DH BOOM EIX ENV EOG EXFY FTCH FND FOXF FTAI GLPI GDOT GDYN GH HBM INFN INGN PODD INTU IRTC KTOS LZ LMAT LSI LYV MNKD MTZ MELI MCW MP NVTS LASR NOG OII LPRO OPEN OPK PAY PBA PEN PRDO PLYA PRI KWR RLAY RVLV RHP SEM SWN SPXC SG TMST TVTX OLED UPLD MDRX VICI VICR VIR WBD XNCR ZETA

Friday (Feb 24)  

• Morning:  ACMR BRC GTLS CM CNK DBRG EVRG FYBR GTN DINO LAMR NWN PNM SSP TBLA TPB SLCA UNIT

-==Dutch Bros (BROS) reported earnings on Wed 10 Nov 21 (a/h)

 

Dutch Bros beats by $0.15, beats on revs; guides Q4 revs above consensus

• Reports Q3 (Sep) earnings of $0.23 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of $0.08; revenues rose 49.8% year/year to $129.8 mln vs the $125.2 mln S&P Capital IQ Consensus.
  • Company-operated shops revenues increased 62.9% to $108.7 million as compared to $66.7 million in the same period last year.
  • System same shop sales grew 7.3% in the third quarter and 10.7% on a two-year basis. Company-operated same shop sales grew 4.7% in the third quarter and 10.1% on a two-year basis. 
• Co issues upside guidance for Q4, sees Q4 revs of $125-128 mln vs. $121.40 mln S&P Capital IQ Consensus.
  • Total system shop openings are expected to be at least 30.
  • Same shop sales are estimated in the mid single-digits.
• For the year 2022, we are providing the following preliminary outlook for new shop openings: Total system shop openings are expected to be at least 112.

Earnings this week : Nov. 8 - 12, 2021 (wk 45)

Monday (Nov 8)

• Morning:  BKI IMOS COTY EDIT EHTH XPRO GTES HLIO VAC PRVA RDNT RETA TTD TSEM THS TSE USFD VTRS WOW
• Afternoon: ACAD AEIS AEL AMC AMRS ATCO BAND BEKE BLDP CBT CSII CXW DDD DOOR ENV FIVN FRPT IFF IPAR JKHY LFST MRC MRTX MWA NCMI NEWR NEX NHI NVRO NVTA OSH PRA PRAA PRI PRIM PYPL RBLX REAL SANM SDC SPCE SQSP SWAV TME TPIC TREX TRIP TWO VUZI WPRT ZNGA

Tuesday (Nov 9)

• Morning: ADT ATC BSY BHVN BNTX CAH CEVA ECOM DHI EBIX ECVT EPZM FSS HAE HAIN HGV HUYA IIVI IGT ITCI MLCO MIDD MNTV MSGE NOVT PLTR PRPL SEAS STWD SYY TGI TUFN VCEL VSAT WNC WRK WKHS
• Afternoon:  AKA AMK AMPL ARLO ASH CARG CCXI CERT COIN DAR DASH DNUT DOCS DV ELY EPAY EVBG FGEN FLGT FLYW FUBO G GLBE GO GOCO HCAT INO JAZZ LGND LPRO MCFE MODN MSGS NARI NIO NSTG NUVA OLO ONTF PAAS POSH PUBM PYCR RNG RPAY SAIL SCSC SEER SGMS SILK STEP TOST TPTX TTEC TWNK TWOU U UPST VRM VZIO WES WYNN

Wednesday (Nov 10)

• Morning:  ADNT AER APG DFH ENR EYE FLOW FOUR FVRR GIB IS KELYA KRNT ME MNDY PFGC PRGO SHC SHCR VERX WEN WWW
• Afternoon:  AFRM AMWL APP ATO BMBL BRKS BROS BYND BZH CCMP COMP CRCT DIBS DIS DUOL ENS FICO FIGS GDRX HIMS HNST KGC LZ MAX MQ MRVI MSP OPEN ROOT RRGB SDGR SOFI SPTN TASK ULCC WISH ZIP

Thursday (Nov 11)

• Morning: AZUL CAE CELH EPC GRWG MT NICE OGN PGTI SBH STNG THRY TPR UTZ WB WIX YETI
• Afternoon:  AQN ARRY BLNK CPNG FLO GAN JAMF RIDE PAGS PVG SNDL 

Friday (Nov 12)  

• Morning:  AZN CGEN ROLL SPB WRBY

 

Earnings spotlight: 

Monday, November 8: US Foods (NYSE:USFD), Tencent Music (NYSE:TME), AMC Entertainment (NYSE:AMC), 3D Systems (NYSE:DDD), Virgin Galactic (NYSE:SPCE) and PayPal (NASDAQ:PYPL).

Tuesday, November 9: Cardinal Health (NYSE:CAH), Sysco (NYSE:SYY), Nio (NYSE:NIO), Coinbase Global (COIN), Wynn Resorts (NASDAQ:WYNN) and ChannelAdvisor (NYSE:ECOM).

Wednesday, November 10: Performance Food Group (NYSE:PFGC), Wendy's (NASDAQ:WEN), Fiverr International (NYSE:FVRR), Weber (NYSE:WEBR), Disney (DIS), Affirm Holdings (NASDAQ:AFRM), Opendoor Technologies (NASDAQ:OPEN) and Beyond Meat (NASDAQ:BYND).

Thursday, November 11: Alibaba (NYSE:BABA), Li Auto (NASDAQ:LI), Coupang (NYSE:CPNG), Yeti (NYSE:YETI) and Pinduoduo (NASDAQ:PDD).

Friday, November 12: AstraZeneca (NASDAQ:AZN) and Spectrum Brands (NYSE:SPB).