Unusual Options Activity, Wed 5/24/23

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:

• GLW May 32 calls (volume: 5870, open int: 10, implied vol: ~41%, prev day implied vol: 28%). 1300 contracts traded in a single transaction. Co is expected to report earnings late July.
• ETRN Oct 8 calls (volume: 210.3K, open int: 0, implied vol: ~54%, prev day implied vol: 46%). 100K traded in a single transaction. Co is expected to report earnings early August.
• MODG Jun 17.5 calls (volume: 8.5K, open int: 1.1K, implied vol: ~47%, prev day implied vol: 40%). Co is scheduled to present at a Topgolf Callaway Brands Virtual Investor Event on June 1. Co is expected to report earnings early August.
  

Bearish Put Activity:

• RY Jun 90 puts are seeing interest ahead of earnings tomorrow before the open (volume: 1930, open int: 140, implied vol: ~26%, prev day implied vol: 22%).
• MPW Jan24 8 puts (volume: 5310, open int: 300, implied vol: ~58%, prev day implied vol: 56%). 3400 contracts traded in a single transaction. Co announces prospect recapitalization transactions. Co is expected to report earnings early August.
  

Sentiment: The CBOE Put/Call ratio is currently: 1.00, VIX: (20.42, +1.89, +10.2%).

This week's biggest % winners & losers : Jan 24 - 28, 2022 (wk 4)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: EOLS (6.93 +30.02%), MDRX (20.07 +17.09%), GLPG (66.21 +15.81%)
• Materials: TRQ (17.71 +14.6%)
• Consumer Discretionary: KSS (59.74 +27.53%), LRN (33.89 +26.17%), GRPN (26.66 +24.5%), BBBY (15.53 +19.83%), DESP (11.12 +18.55%), ARCO (6.31 +12.79%)
• Information Technology: GLW (41.36 +17.97%), FICO (488.85 +14.48%), CLS (12.19 +14.2%)
• Financials: FRBK (4.4 +15.49%)
• Energy: EXTN (5.06 +68.67%), TDW (15.13 +21.41%), AR (19.38 +14.17%), STNG (13.35 +13.23%), HAL (31.13 +13.04%), NINE (1.22 +12.14%)

This week's top % losers

• Healthcare: EPZM (1.06 -49.03%), TYME (0.32 -40.9%), TGTX (9.12 -32.79%), OPK (2.88 -32.19%), NVRO (62 -27.79%), SPPI (0.69 -27.35%), TRHC (10.18 -27.23%), AXDX (2.81 -26.95%), BEAT (1.91 -26.82%), QTNT (1.53 -20.57%)
• Consumer Discretionary: FLWS (15.82 -25.52%), NIO (20.51 -25.01%), TAL (2.57 -23.05%)
• Information Technology: TER (109.15 -23.88%)
• Financials: LC (16.57 -20.76%)
• Energy: ETRN (7.99 -22.73%)

-=Corning (GLW) reported earnings on Wed 26 Jan 22 (b/o)

 

Corning beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22 revs above consensus

• Reports Q4 (Dec) earnings of $0.54 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.52; revenues rose 11.6% year/year to $3.71 bln vs the $3.59 bln S&P Capital IQ Consensus.
  • Fourth-quarter core gross margin was 36.5%, down 180 basis points sequentially.
  • Co added, "Freight, logistics, and raw material costs along with lower automotive sales due to chip shortages impacted our margins. Over the last several months, we negotiated with our customers to increase prices in our contracts to share increased costs more appropriately. The revised pricing terms take effect throughout 2022, and we expect gross margin to expand accordingly."
• Co issues upside guidance for Q1, sees EPS of $0.48-0.53, excluding non-recurring items, vs. $0.48 S&P Capital IQ Consensus; sees Q1 revs of $3.5-3.7 bln vs. $3.44 bln S&P Capital IQ Consensus.
• Co issues upside guidance for FY22, sees FY22 revs of $15.0 bln vs. $14.66 bln S&P Capital IQ Consensus.

Earnings this week : Jan 24 - 28, 22 (wk 4)

Monday (Jan 24)

• Morning:  BOH CBU HAL PHG
• Afternoon: BRO CR ELS HOPE IBM IBTX LOGI SSB STLD WSFS ZION

Tuesday (Jan 25)

• Morning: MMM AXP ADM AUB BANC CVLT ERIC GATX GE IVZ JNJ LKFN LMT NEE NEP PCAR PII RTX UMC VZ XRX
• Afternoon:  AGYS BXP CADE CNI COF FFIV FCF HA MRTN MSFT NAVI NXGN RNR RNST SLGN LRN TXN TRMK UMBF VBTX WSBC

Wednesday (Jan 26)

• Morning:  ABT APH ANTM T ADP BA GLW FBP FBC FCX GD HES KMB KNX MKTX MNRO NDAQ NYCB NSC OSK PGR PB ROL RES SF TEL
• Afternoon:  AMP AZPN AVT AXS CACI CALX CLS CNS CNMD CCI CVBF DRE EW FLEX HXL INTC ISBC LRCX LSTR LVS LC LEVI MTH CASH MEOH MKSI PKG PLXS PTC XM RJF RLI SLM STX SEIC NOW SIMO SLG TER TSLA URI VRTX WHR WOLF XLNX

Thursday (Jan 27)

• Morning: FLWS AOS ALK ADS MO AIT BLL BX BC CNX CMCO CMCSA CFR DHR DOV DOW EXP EWBC EXTR HCA IP JBLU KEX MTSI HZO MMC MA MKC MCD MSCI MUR NTCT NOC NUE OSIS BPOP ROK RCI SAP SHW SFNC LUV STM TROW TDY TXT TSCO VLO VLY XEL
• Afternoon:  ABCB AAPL AJG TEAM AX BZH BOOT CP CATY CE EMN ETD FICO FHI FFBC FIBK GBCI HTH JNPR KLAC MITK MDLZ NATI OLN RMD RHI HOOD SYK X V WRB WAL WDC

Friday (Jan 28)  

• Morning:  ALV BMI BAH CAT CHTR CVX CHD CL GNTX LYB MOG.A PSX PFS SBSI SYF VFC WY WETF

Earnings spotlight: Monday, January 24 Philips (NYSE:PHG), Halliburton (NYSE:HAL) and IBM (NYSE:IBM).

Earnings spotlight: Tuesday, January 25 Verizon (NYSE:VZ), Johnson & Johnson (NYSE:JNJ), Lockheed Martin (NYSE:LMT), American Express (NYSE:AXP), Microsoft (MSFT), Capital One (NYSE:COF), F5 Networks (NASDAQ:FFIV ) and Texas Instruments (NASDAQ:TXN).

Earnings spotlight: Wednesday, January 26 AT&T (NYSE:T), Boeing (NYSE:BA), Abbott Labs (NYSE:ABT), Intel (INTC), Tesla (TSLA) and Lam Research (NASDAQ:LRCX).

Earnings spotlight: Thursday, January 27 Tesla (TSLA), Intel (INTC), Comcast (NASDAQ:CMCSA), Dow (NYSE:DOW), McDonald's (MCD), Mastercard (NYSE:MA), Altria (NYSE:MO), Southwest Airlines (NYSE:LUV), Apple (AAPL), Robinhood Markets (HOOD), Mondelez International (NASDAQ:MDLZ), Visa (NYSE:V) and Western Digital (NASDAQ:WDC).

Earnings spotlight: Friday, January 28 Chevron (NYSE:CVX), Phillips 66 (NYSE:PSX), Charter Communications (NASDAQ:CHTR), Caterpillar (NYSE:CAT) and Colgate-Palmolive (NYSE:CL).

-=Corning (GLW) reported earnings on Tue 29 Jan 2019 (b/o)

• Topped consensus on Q4 EPS; revenues rose +15.1% to arrive about in-line with consensus; forecasts continued growth in 2019 and beyond; expects display glass market volume to grow by a mid-single digit percentage in full-year 2019; expects price declines to remain moderate in Q1, representing the most favorable first quarter price change in over a decade; expects to see growth in Optical Communications in 2019 -- in the segment, which has expanded its market access through recent acquisitions, sales increased +26% year/year during the quarter, surpassing $1 bln for the third consecutive quarter, and segment net income rose +67% year/year.

Corning beats by $0.01, reports revs in-line; provides FY19 guidance

• Reports Q4 (Dec) earnings of $0.59 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.58; revenues rose 15.1% year/year to $3.04 bln vs the $3.02 bln S&P Capital IQ Consensus.
• Company expects continued growth in 2019 and beyond, driven by benefits from its investments as well as adoption of technologies well-aligned to key industry trends and Corning's cohesive portfolio
• For full-year 2019, Corning expects display glass market volume to grow by a mid-single digit percentage. The company expects its volume to grow more than the market, resulting from the ramp of its Gen 10.5 facility during 2018. Annual Display glass price declines are expected to be a mid-single-digit percentage, an improvement over 2018.
• In the first quarter, price declines are expected to remain moderate and be the most favorable first-quarter price change in over a decade. Volume is expected to be down by a mid-single digit percentage sequentially, consistent with the market, which typically declines in the first quarter.
• The company expects another year of growth in Optical Communications in 2019. Specifically, full-year sales are expected to be up by a low-teens percentage, with first-quarter sales up in the low-20 percent range year over year.

Earnings this week : Jan 28 - Feb. 1, 19 (wk 5)

So far, 22% of the S&P 500 has reported quarterly results.

• A myriad of large/mega cap bellwethers will report quarterly results next week, including Caterpillar on Monday morning and four of the largest technology companies in the world: Apple on Tuesday afternoon, Microsoft and Facebook on Wednesday and Amazon on Thursday.

Earnings confirmed to report this week:

Monday (Jan 28) 

• Morning: BOH CAT
• Afternoon:  AKS BRO CE CR ELS ETH GGG HTLF IBTX JJSF RGA RMBS SANM SSB WHR WSBC WWD

Mon pm/Tue am
https://finviz.com/screener.ashx?v=211&ta=0&o=-volume&t=AKS,BRO,CE,CR,ELS,ETH,GGG,HTLF,IBTX,JJSF,RGA,RMBS,SANM,SSB,WHR,WSBC,WWD,AGN,ALV,AOS,AXE,BIIB,CIT,CVLT,DHR,DOV,EAT,EXP,EXTR,FBP,GLW,GPK,HCA,HOG,HRS,KNX,LLL,LMT,MMM,MTOR,NUE,PCAR,PFE,PHG,PHM,PII,PNR,POL,PPBI,ROK,SAP,UMC,VZ,XRX

Tuesday (Jan 29)

• Morning:  AGN ALV AOS AXE BIIB CIT CVLT DHR DOV EAT EXP EXTR FBP GLW GPK HCA HOG HRS KNX LLL LMT MMM MTOR NUE PCAR PFE PHG PHM PII PNR POL PPBI ROK SAP UMC VZ XRX
• Afternoon: AAPL ALGN AMD AMGN AX BXP CHRW CNI COHR EBAY ILMN JNPR KLAC MSTR MXIM NATI PFG PKG RHI RNR SIMO SLGN SYK TSS UMBF WRB

Tue pm/Wed am : https://finviz.com/screener.ashx?v=211&ta=0&o=-volume&t=AAPL,ALGN,AMD,AMGN,AX,BXP,CHRW,CNI,COHR,EBAY,ILMN,JNPR,KLAC,MXIM,NATI,PFG,PKG,RHI,RNR,SIMO,SLGN,SYK,TSS,UMBF,WRB,,ADP,ALLY,ANTM,AVY,AXTA,BA,BABA,BEN,CHKP,EVR,GD,HES,IR,IVZ,MCD,NDAQ,OSK,PB,RCL,SC,SIRI,SLAB,SMG,T,TCF,TMO,TUP
Wednesday (Jan 30)

• Morning: ADP ALLY ANTM AVY AXTA BA BABA BEN CHKP EVR GD HES IBN  IR IVZ MCD NDAQ OSK PB RCL SC SIRI SLAB SMG T TCF TMO TUP
• Afternoon:  AFG AGNC ALGT AMP ARCB AXS BDN CACC CACI CLB CMPR CREE CRUS DLB DRE EFII EGOV ESS EZPW FB FICO FLEX GHL HOLX ISBC LLNW LSTR MAA MDLZ MEOH MLNX MSFT MTH MUR MUSA NOW PYPL QCOM RXN SEIC SXI THG TSLA TTEK V WYNN  X

Wed pm/Thur am : https://finviz.com/screener.ashx?v=211&ta=0&o=-volume&t=AFG,AGNC,ALGT,AMP,ARCB,AXS,BDN,CACC,CACI,CLB,CMPR,CREE,CRUS,DLB,DRE,EFII,EGOV,ESS,EZPW,FB,FICO,FLEX,GHL,HOLX,ISBC,LLNW,LSTR,MAA,MDLZ,MEOH,MLNX,MSFT,MTH,MUR,MUSA,NOW,PYPL,QCOM,RXN,SEIC,SXI,THG,TSLA,TTEK,V,WYNN,X,ABC,ABMD,APO,APRN,APTV,BAX,BC,BHGE,BLL,BMS,BX,CELG,CFR,CHTR,CMCO,CMS,CNX,CNXM,COP,CRR,CRS,DWDP,EPD,ETN,FCFS,FLWS,GE,HSY,IIVI,IP,KEM,KEX,KIM,LANC,MA,MAN,MDC,MIXT,MMC,MMP,MNRO,MO,MSCI,NOC,NOK,NS,NVT,OMN,PH,RACE,RDS-A,RFP,RTN,S,SHW,SILC,SNDR,TSCO,UPS,VLO,VLY,WCC,WRK,WRLD,XEL,XYL,YRCW

Thursday (Jan 31)

• Morning:  ABC ABMD APO APRN APTV BAX BC BHGE BLL BMS BX CELG CFR CHTR CMCO CMS CNX CNXM COP CRR CRS DWDP EPD ETN FCFS FLWS GE HSY IIVI IP KEM KEX KIM LANC MA MAN MDC MIXT MMC MMP MNRO MO MSCI NOC NOK NS NVT OMN PH RACE RDS.A RFP RTN S SHW SILC SNDR TSCO UPS VLO VLY WCC WRK WRLD XEL XYL YRCW
• Afternoon:  AFL AJG AMZN CLS CPT CY DECK EMN ENVA EPAY ESL EW EXPO FBHS HAYN KLIC LPLA MATW MCK MOD MTX NFG OTEX PFPT PKI POST SIGI SKYW SYMC WAIR YUMC

 Thur pm/Fri am : https://finviz.com/screener.ashx?v=211&ta=0&o=-volume&t=AFL,AJG,AMZN,CLS,CPT,CY,DECK,EMN,ENVA,EPAY,ESL,EW,EXPO,FBHS,HAYN,KLIC,LPLA,MATW,MCK,MOD,MTX,NFG,OTEX,PFPT,PKI,POST,SIGI,SKYW,SYMC,WAIR,YUMC,AON,BAH,BERY,CI,CVX,CYOU,D,HMC,HON,IDXX,IMO,ITW,JCI,KKR,LYB,MINI,MRK,MSG,OSB,PFS,ROP,SBSI,SF,SNE,SOGO,SOHU,SPG,SPR,VRTS,WETF,WFT,WY,XOM,ZBH

Friday (Feb 1)

• Morning: AON BAH BERY CI CVX CYOU D HMC HON IDXX IMO ITW JCI KKR LYB MINI MRK MSG OSB PFS ROP SBSI SF SNE SOGO SOHU SPG SPR VRTS WETF WFT WY XOM ZBH

According to FactSet, fourth quarter reported earnings per share are up 12% with sales up 6.6%. Fourth quarter earnings are now expected to grow 11% with sales up 6.0%. Roughly 67% have exceeded earnings estimates while 55% have beaten revenue expectations. 59% of companies reporting earnings have traded higher in response.

First quarter EPS are now expected to grow just 0.5% with sales up 6%. For 2019, earnings are expected to grow 6.1% with sales up 5.3%.

-=Corning (GLW) reported earnings on Wed 25 July 2018 (b/o)

Corning beats by $0.01, beats on revs; raises FY18 revs guidance, above consensus 

• Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 10.0% year/year to $2.75 bln vs the $2.67 bln Capital IQ Consensus.
• Co raises guidance for FY18, sees FY18 revs of ~$11.3 bln vs. $11.02 bln Capital IQ Consensus Estimate, up from ~$11.0 bln.
• "Each of our businesses met or exceeded expectations for the second quarter. We now anticipate that 2018 will be even stronger than originally expected, with full-year sales up 10% to approximately $11.3 billion, and margin expansion in the second half of 2018," said Tony Tripeny, senior vice president and chief financial officer.
• "Optical Communications, Specialty Materials, Environmental Technologies, and Life Sciences segments are all expected to continue to grow, and the pricing environment in Display Technologies is the best in more than a decade. Several of our largest capacity expansion projects have exited the start-up phase, and production and efficiency rates are climbing. We expect a step-change in sales and profitability in the third quarter, and we plan to build on that going forward."

-=Corning (GLW) reported earnings on Tue 24 Oct 2017 (b/o)

• Oct 19:  #9, 59;  vol. 3.4M, $30  +5%

Corning beats by $0.02, reports revs in-line

• Reports Q3 (Sep) earnings of $0.43 per share, excluding non-recurring items, $0.02 better thanthe Capital IQ Consensus of $0.41; revenues rose 4.0% year/year to $2.61 bln vs the $2.59 bln Capital IQ Consensus.
• Outlook: "Year-to-date achievements and fourth-quarter expectations are strong. We anticipate that every business segment will meet or beat the plan we set in January due to strong operating performance and early sales from our near-term growth investments."

-=Corning (GLW) reported Q1 earnings on Tue 26 Apr 2016 (b/o)

Corning reports EPS in-line, misses on revs; sees Q2 core equity earnings of $50-70 mln :

• Reports Q1 (Mar) earnings of $0.28 per share, in-line with the Capital IQ Consensus of $0.28; revenues fell 10.7% year/year to $2.17 bln vs the $2.24 bln Capital IQ Consensus.
  • Performance in Display Technologies, Environmental Technologies, Specialty Materials, and Life Sciences met or exceeded company expectations.
  • Demand for Optical Communications products continues to be strong; manufacturing software implementation issues partially interrupted cable production and impacted first-quarter sales and profit.
• "Production is expected to recover in the second quarter. We expect that the company's performance for the remainder of the year will show significant improvement from first-quarter results, and that second-quarter results will reflect the strong underlying trends in our businesses."
• Core equity earnings are expected to be between $50-70 million in Q2, depending on the closing date of the strategic realignment of Dow Corning announced in December 2015. The company expects the realignment to close by June.

Corning (GLW) reported 4Q earnings on Tue 26 Jan 2016 (b/o)

** charts before earnings **

 

** charts after earnings **

 

** 3 days later **

Corning beats by $0.03, beats on revs; updates Q1, FY16 guidance; sees mid-to-high single-digit % QoQ LCD glass volume decline in Q1  :

• Reports Q4 (Dec) earnings of $0.34 per share, excluding non-recurring items,$0.03 better than the Capital IQ Consensus of $0.31; revenues fell 4.0% year/year to $2.4 bln vs the $2.33 bln Capital IQ Consensus. 
• "We expect the first quarter to be the weakest of 2016, and we anticipate growth will recover in subsequent quarters. We are encouraged with the moderation of LCD glass price declines, and we expect this trend will continue into 2016. We are sustaining market leadership in all of our businesses."
• Corning provided the following expectations for its business segments in Q1:
  • Display Technologies: In the first quarter, Corning anticipates that panel maker utilization will continue to decline, which will reduce inventory levels in the supply chain. As a result, the overall glass market and Corning's LCD glass volume are expected to decline by a mid-to-high single- digit percentage sequentially. Corning's LCD glass price decline is expected to be moderate, achieving what will be one of the lowest first-quarter declines in five years.
• For the full year, Corning expects moderate sequential price declines to continue, and its glass volume to grow by a mid-single-digit percentage year over year, in line with total glass demand growth. Corning expects global television unit sales will grow by a low single-digit percentage, and the average screen size will increase by at least 1.5 inches. The company expects panel maker utilization to increase as the year progresses, and retail LCD glass area demand to be up by a high single-digit percentage in 2016.

Corning (GLW) — is it a buy?

• 12/11/15:  $18.65

• Two weeks later, 12/24/15:  NO, GLW hasn't moved much