Unusual Options Activity, Fri 6/9/23

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:

• NEXT Jun 7.5 calls (volume: 2700, open int: 10, implied vol: ~282%, prev day implied vol: 189%). 2500 contracts traded in a single transaction. Co is expected to report earnings late July.
• SPCE Jun 4 calls (volume: 2510, open int: 1920, implied vol: ~171%, prev day implied vol: 98%). Co is expected to report earnings early August.
• GM Jun 38 calls (volume: 29.9K, open int: 30, implied vol: ~105%, prev day implied vol: 40%). Co announces collaboration with Tesla to integrate the North American Charging Standard connector design into its EVs starting in 2025. Co is scheduled to present at two conferences next week. Co is confirmed to report earnings July 25 before the open.
• FTCH Jun 6 calls are seeing interest with the underlying stock up 7% (volume: 21.2K, open int: 3.6K, implied vol: ~87%, prev day implied vol: 83%). 2200 contracts traded in a single transaction. Co is expected to report earnings mid-August.
  

Bearish Put Activity:

• VanEck Semiconductor ETF (SMH) Jun 105 puts (volume: 28.0K, open int: 0, implied vol: ~115%, prev day implied vol: 103%).
  

Sentiment: The CBOE Put/Call ratio is currently: 0.87, VIX: (13.88, +0.23, +1.7%).
June 16 is options expiration -- the last day to trade June equity options.

===General Motors (GM) reported earnings on Tue 25 Apr 23 (b/o)

 

General Motors beats by $0.48, beats on revs; raises FY23 EPS and EBIT guidance

• Reports Q1 (Mar) earnings of $2.21 per share, excluding non-recurring items, $0.48 better than the S&P Capital IQ Consensus of $1.73; revenues rose 11.1% year/year to $39.98 bln vs the $39.38 bln S&P Capital IQ Consensus.
• Reached 20,000+ EV sales in the U.S., moving up to the No. 2 market position.
• Co reported Q1 adjusted EBIT of $3.8 bln.
• Co issues raised guidance for FY23, sees EPS of $6.35-7.35 from $6.00-7.00, excluding non-recurring items, vs. $6.13 S&P Capital IQ Consensus. EBIT-adjusted of $11.0 billion-$13.0 billion, compared to the previous outlook of $10.5 billion-$12.5 billion. U.S. GAAP net automotive cash provided by operating activities of $16.5 billion-$20.5 billion, compared to the previous outlook of $16.0 billion-$20.0 billion. Adjusted automotive free cash flow of $5.5 billion-$7.5 billion, compared to the previous outlook of $5.0 billion-$7.0 billion.
• Long Term Guidance: Revenue of $225B+ in 2025 (~12% CAGR). GMNA EBIT-adjusted margins of ~8-10% through 2025. 400K EV production units from 2022 -- H1 2024 and capacity of ~1M units in NA by 2025.

Earnings this week : Apr 24 - 28, 23 (wk 17)

Monday (Apr 24)

• Morning:  BOH KO PHG
• Afternoon: AGNC ARE AMP NTB BRO CADE CDNS CNI CHX CLF CCK FRC HSTM HTLF HXL HOPE IBTX MEDP PKG PCH RRC SSD TENB AAN TBI WSBC WHR WSFS

Tuesday (Apr 25)

• Morning: MMM ABB ADM ARCC AWI ABG AUB BKU BIIB CNC CBU GLW DHR DOW FBP FCF FISV GATX GEHC GE GM GEO HAL HUBB IVZ JBLU KMB LH LKFN LTH MCD MCO MSCI NEE NEP NTRS NVS NVR ONB OMF PCAR PEP PII PHM RTX ST SHW SSTK SFNC SITC SBSI SPOT SCL THC TRU UBS UPS VZ XRX
• Afternoon:  GOOG AGR AZZ BXP BYD CMG CB CSGP EGP WIRE ENVA ENPH EQR HA HIW ILMN JBT JNPR MANH MTDR MSFT NEX OI PACW RNST ROIC LRN TX TXN TRMK UMBF UHS VBTX VICR V

Wednesday (Apr 26)

• Morning:  ALKS ALLE AMT APH ADP AVY BXMT BA BOKF BSX CVE GIB CME CSTM DOV ETR EVR EXTR FSV FTV GD GPI HES HLT HUM NSP IART MKTX MAS COOP NAVI NSC ODFL OTIS OC PAG BPOP PDS PRG PB RCI RES R SLGN SLAB SF TMHC TEL TECK TDY TMO TNL UBSI UMC VRT WNC WAB
• Afternoon:  TWOU ACHC AFL AGI ALGN AB AWK NLY AM AR ACGL ASGN AZPN AVB AXS BMRN CHRW CACI CP CLS CCS CHDN COLB FIX CNMD CLB CVBF EBAY EW ESI EPR EQT ETD EVTC FIBK FBIN FTAI GSHD GGG HELE HP ICLR IEX PI KALU KRC KLAC LSTR LC LXFR MAT MXL MMSI MTH META MEOH MAA MC MOH MYRG NTGR NVRO NOV ORLY OII CASH PTEN PEB PEGA PPC PXD PLXS PTC QS RJF RHI ROKU ROL SAFE SLM SGMO NOW SNBR SAVE SPSC STAG STC SUI NOVA TDOC TER TNET TROX TYL UDR UCTT URI WCN WM WSC WOLF WH

Thursday (Apr 27)

• Morning: AOS ABBV MO AAL AIT ARCH AMBP AZN B BAX BFH BMY BC CRS CARR CAT CBZ CBRE CNP CHD CMS CNX CMCSA CROX CTS CFR DPZ DTE LLY EME EXLS FIS FAF FCFS FCN THRM GWW HEES HOG HAS HSY HTZ HGV HON IP ITGR ICPT IPG IQV KDP KIM KEX LEA LII LECO LIN LKQ HZO MA MPW MRK MBLY NEM NOC OSIS OSTK PPBI PATK BTU PNR DGX RS ROK ROP SPGI SNY SNDR SIRI SWI SAH SO LUV SRCL STM STRA FTI TXT SHYF TSCO TW TPH TRS VLO VLY VC WST WEX WTW WNS XEL
• Afternoon:  ACCD ATVI AEM ALSN AYX AMZN ABCB AMGN ATR ACA AJG AX BZH BJRI SAM CPT COF CSL CWST CC CINF NET COLM OFC COUR CUZ CUBE DXCM DLR EMN ELME EIG EHC ESS EXPO FICO FHI FSLR FE GLPI GFL GILD HIG PEAK HUBG IMAX INTC KNSL KN LHX LPLA LTC MTX MHK MDLZ NATI NWE OIS OLN PFSI PINS PFG PFS PTCT RSG RMD SGEN SKX SKYW SM SNAP SSB SWN SSNC SNCY TMUS SKT SLCA X VRSN WY

Friday (Apr 28)  

• Morning:  AON ARCB ARES AVTR BLMN  CCJ  GTLS CHTR CVX CL DAN XOM FHB GNTX EAF IMGN IMO JKS LAZ LYB MOG.A NYCB NWL NVT POR SAIA SXT STEL TRP TNC WPC WT

=General Motors (GM) reported earnings on Wed 31 Oct 2018 (b/o)

General Motors beats by $0.62, beats on revs; sees Adj-EPS at top of previous range, with potential upside

Reports Q3 (Sep) earnings of $1.87 per share, excluding non-recurring items, $0.62 better thanthe S&P Capital IQ Consensus of $1.25; revenues rose 6.4% year/year to $35.79 bln vs the $34.85 bln S&P Capital IQ Consensus.

GM delivered nearly 700,000 vehicles in the U.S. in the third quarter. Average transaction prices rose to a third-quarter record of more than $36,000, up about $800 per unit year over year and $4,000 above industry average.

Commentary:

• Continue to take actions to mitigate global economic conditions
• Launch of full-size pickup trucks and Cadillac XT4 performing well; launch of Chevrolet Blazer coming in Q4
• Cruise - Based on current rate of iteration, continue to target commercialization in 2019 in a dense urban environment

Coreaffirms guidancefor FY18, sees EPS of $5.80-6.20, while commenting that EPS is expected to be at the top of previous range due to favorable tax rate & strong performance, with potential upside, excluding non-recurring items, vs. $5.88 S&P Capital IQ Consensus.

=General Motors (GM) reported earnings on Wed 25 July 2018 (b/o)

General Motors beats by $0.01, reports revs in-line; lowers FY18 guidance on higher commodity costs and FX 

• Reports Q2 (Jun) earnings of $1.81 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.80; revenues fell 0.5% year/year to $36.8 bln vs the $36.62 bln Capital IQ Consensus. GM North America EBIT-adjusted of $2.7 bln and margin of 9.4 percent GM International EBIT-adjusted of $0.1 bln, includes record equity income in China of $0.6 bln, partially offset by unfavorable foreign exchange impact in South America GM Cruise EBIT-adjusted of $(0.2) bln, on plan and reflecting continued spending on autonomous as the company moves to commercialization GM Financial EBT-adjusted of $0.5 bln, another record, as earning assets grew 12 percent to $90.4 bln, supporting expected long-term earnings growth.
• Co issues downside guidance for FY18, sees EPS of ~$6 vs. $6.41 Capital IQ Consensus Estimate; OCF $11.5 bln, adj. auto FCF $4 bln. Recent and significant increases in commodity costs and unfavorable foreign exchange impact of the Argentine peso and Brazilian real have negatively affected business expectations. The company expects these headwinds to continue through 2018.

=General Motors (GM) reported earnings on Tue 7 Feb 2017 (b/o)

General Motors beats by $0.11, beats on revs; reaffirms FY17 EPS guidance :

• Reports Q4 (Dec) earnings of $1.28 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus of $1.17; auto revenue rose 9.2% year/year to $41.23 bln vs the $40.08 bln Capital IQ Consensus. 
• GM guided FY16 EPS at high end of $5.50-6.00 range on Jan 10.
• For the year ended Dec. 31, 2016, GM sold a record 10 million vehicles around the world, up 1.2 percent from 2015. In Q4, GM sold 2.78 million vehicles, up 3.3 percent compared to Q4 2015. December 2016 global volume of 1.05 million units was the highest in the company's history, capping the fourth consecutive record year for global deliveries.
• Co reaffirms guidance for FY17, sees EPS of $6.00-6.50, excluding non-recurring items, vs. $6.14 Capital IQ Consensus; maintain or improve EBIT-adjusted and EBIT-adjusted margin; and generate higher revenues, compared to 2016. The co also expects to generate about $15 billion in automotive operating cash flow and about $6 billion in adj. automotive free cash flow.
• GM expects its global volume from new or refreshed vehicles to grow to 38 percent from 2017-2020, up from 26 percent in the 2011-2016 period. New or refreshed crossovers, trucks and SUVs are expected to represent a majority of this volume between 2017-2020.
• The co raised its cost efficiency target for 2015-2018 to $6.5 billion, an increase of $1 billion.
• Peers: Ford (F), FCA (FCAU), Toyota (TM).

=General Motors (GM) reported earnings on Thur 21 Jul 2016 (b/o)

General Motors beats by $0.35, beats on revs; raises FY16 EPS guidance  :

• Reports Q2 (Jun) adj. earnings of $1.86 per share, $0.35 better than the Capital IQ Consensus of $1.51; net revenues rose 11.0% year/year to $42.4 bln, may not compare to auto rev consensus of $37.32 bln; deliveries flat at $2.4 mln.
• The company reported records for earnings before interest and tax (:EBIT) adjusted of $3.9 billion and EBIT-adjusted margin of 9.3 percent. These compare to EBIT-adjusted of $2.9 billion and EBIT-adjusted margin of 7.5 percent in the second quarter of 2015, which included the impact of $0.3 billion restructuring costs.
  • GM North America reported record EBIT-adjusted of $3.6 billion compared with $2.8 billion in the second quarter of 2015. For the quarter, EBIT-adjusted margin was a record 12.1 percent, compared to 10.5 percent a year ago.
  • GM Europe reported EBIT-adjusted of $0.1 billion compared with breakeven EBIT-adjusted results in the second quarter of 2015. This result is the first profitable quarter since the second quarter of 2011.
  • GM International Operations reported EBIT-adjusted of $0.2 billion compared with $0.3 billion in the second quarter of 2015. Results included China equity income of $0.5 billion in both periods.
  • GM South America reported EBIT-adjusted of $(0.1) billion, about equal with the second quarter of 2015.
• Co issues guidance for FY16, raises EPS to $5.50-6.00 from $5.25-5.75 vs. $5.63 Capital IQ Consensus Estimate.
• Peers: F, FCAU.

=General Motors (GM) reported earnings on Thur 21 Apr 2016 (b/o)

General Motors beats by $0.26, beats on revs :

• Reports Q1 (Mar) earnings of $1.26 per share, excluding non-recurring items,$0.26 better than the Capital IQ Consensus of $1.00; revenues rose 4.5% year/year to $37.3 bln vs the $34.55 bln Capital IQ Consensus. 
• The company set first-quarter records for earnings and margin, with earnings before interest and tax (:EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent. These compare to EBIT-adjusted of $2.1 billion and an EBIT-adjusted margin of 5.8 percent in the first quarter of 2015. The earnings increase was driven by improved year-over-year results in all reporting segments, including breakeven performance in Europe.
  • GM North America reported first-quarter record EBIT-adjusted of $2.3 billion, which includes $0.2 billion for restructuring costs. This compares with $2.2 billion in the first quarter of 2015.
  • GM Europe reported EBIT-adjusted break-even results compared with $(0.2) billion in the first quarter of 2015.
  • GM International Operations reported EBIT-adjusted of $0.4 billion compared with $0.4 billion in the first quarter of 2015. Results included China equity income of $0.5 billion in both periods.
• "We're growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," said Chairman and CEO Mary Barra. "This strong quarter also reflects the excellent progress we're making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility."

GM reports earnings on 2/4/15 before open

• #72, 3-5 

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