===Credo Technology (CRDO) reported earnings on Mon 2 Dec 24 (a/h)

 

Credo Technology Group beats by $0.02, beats on revs; guides Q3 revs above consensus

• Reports Q2 (Oct) earnings of $0.07 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.05; revenues rose 63.6% year/year to $72.03 mln vs the $66.81 mln FactSet Consensus.
• Co issues upside guidance for Q3 (Jan), sees Q3 revs of $115-125 mln vs. $86.04 mln FactSet Consensus.
• Co added, "For the past few quarters, we have anticipated an inflection point in our revenues during the second half of fiscal 2025. I am pleased to share that this turning point has arrived, and we are experiencing even greater demand than initially projected, driven by AI deployments and deepening customer relationships."

Unusual Options Activity, Wed 5/17/23

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:

• IQ May 6 calls (volume: 15.5K, open int: 3560, implied vol: ~109%, prev day implied vol: 92%). 3500 contracts traded in a single transaction. Co is expected to report earnings mid-June.
• FHN Jun 10 calls are seeing interest with the underlying stock up 5% (volume: 1500, open int: 0, implied vol: ~69%, prev day implied vol: 62%). Co is expected to report earnings mid-July.
• CRDO Aug 10 calls are seeing interest with the underlying stock up 10% (volume: 1960, open int: 0, implied vol: ~55%, prev day implied vol: 52%). Co is confirmed to report earnings May 31 after the close.
  

Bearish Put Activity:

• TAP May 62.5 puts (volume: 1890, open int: 640, implied vol: ~34%, prev day implied vol: 26%). Co is expected to report early earnings August.
• CHPT May 7.5 puts (volume: 20.2K, open int: 840, implied vol: ~75%, prev day implied vol: 71%).  We noted put activity yesterday (see 5/16 13:17). 20K traded in a single transaction. Co is confirmed to report earnings June 1 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.94, VIX: (17.10, -0.90, -5.0%).
This week is options expiration -- Friday, May 19th is the last day to trade May equity options.