Unusual Options Activity, Fri 5/12/23

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:

• CVNA May 11 calls  are seeing interest with the underlying stock down 11% (volume: 13.5K, open int: 580, implied vol: ~317%, prev day implied vol: 163%). 5030 contracts traded in a single transaction. Co is expected to report earnings early August.
• FHN May 10 calls (volume: 3280, open int: 120, implied vol: ~68%, prev day implied vol: 62%). Co is expected to report earnings mid-July.
• SFM May 38 calls (volume: 3260, open int: 0, implied vol: ~30%, prev day implied vol: 26%). Co is expected to report earnings early August.
• NRG Jun 33 calls (volume: 2370, open int: 20, implied vol: ~34%, prev day implied vol: 31%). 1080 contracts traded in a single transaction. Co is expected to report earnings late July.
  

Bearish Put Activity:

• PARA May 15 puts (volume: 1740, open int: 310, implied vol: ~91%, prev day implied vol: 54%).  1270 contracts traded in a single transaction. Co is expected to report earnings early August.
• PLAY May 25 puts (volume: 2240, open int: 10, implied vol: ~72%, prev day implied vol: 54%). Co is scheduled to present at an investor day on Tuesday, May 16. Co is expected to report earnings early June.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.90, VIX: (17.58, +0.65, +3.8%).
May 19 is options expiration -- the last day to trade May equity options.

Dave & Busters (PLAY) reported earnings on Tue 10 Sept 19 (a/h)

** charts before earnings **

 

** charts after earnings **

Dave & Busters beats by $0.05, reports revs in-line; lowers FY20 revs, comparable store sales, and net income guidance

Reports Q2 (Jul) earnings of $0.90 per share, $0.05 better than the S&P Capital IQ Consensus of $0.85; revenues rose 8.0% year/year to $344.6 mln vs the $344.29 mln S&P Capital IQ Consensus.

Comparable store sales decreased 1.8%.The decrease in comparable store sales was driven by a 2.0% decline in walk-in sales, which was partially offset by a 0.1% increase in special events sales.

In light of the competitive environment and because its value-creation initiatives will take time to execute, PLAY lowers guidance for FY20.

• Sees FY20 revs of $1.338-$1.359 bln vs. prior outlook of $1.365-$1.390 bln and vs. the $1.37 bln S&P Capital IQ Consensus.
• Lowers net income guidance to $91-$100 mln from $103-$113 mln.
• Lowers comparable store sales guidance to -3.5 to -2.0% from -1.5% to +0.5%.
• Continues to expect 15-16 new stores in FY20.

Play is focused on five priorities to drive long-term value creation, including revitalizing existing stores, building deeper guest engagement, disciplined cost management, investing in highest-return new store locations, and continuing capital return to shareholders.

Earnings this week : Sept 9 - 15, 19 (wk 37)

Monday (Sept 9)

• Afternoon: AGX CASY CTRP PHR

Tuesday (Sept 10)

• Morning: HDS
• Afternoon: PLAY FARM GME RH  ZS

Wednesday (Sept 11)

• Morning: LOVE
• Afternoon: ACB OXM  ORCL  TLRD

Thursday (Sept 12)

• Morning: DLTH KR MCFT
• Afternoon: AVGO UEPS  VNCE

Friday (Sept 13) 

• none

This week's biggest % winners & losers : June 10 - 14, 19 (wk 24)

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: ARQL (8.2 +25.96%), DXCM (148.04 +17.51%), DRNA (14.76 +14.24%)
• Materials: OSB (23.43 +15.53%), LOMA (11.38 +13.57%)
• Consumer Discretionary: RRGB (33.1 +26.43%), RH (111.37 +25.21%), BOOT (33.3 +15.15%), NEW (6.71 +15.09%), ELY (18.06 +14.96%), EYE (30.04 +14.7%), BBX (4.49 +13.38%)
• Information Technology: DATA (163.25 +30.38%)
• Financials: SUPV (7.44 +22.17%), GGAL (32.9 +20.03%), BMA (65.76 +17.2%)
• Consumer Staples: CASY (151.98 +13.5%)
• Utilities: PAM (31.82 +22.24%)

This week's top % losers

• Healthcare: CBAY (6.28 -45.44%), TXMD (2.44 -22.54%), EPZM (11.63 -18.21%), ENDP (4.05 -17.18%)
• Consumer Discretionary: LOVE (30.26 -20.7%), PLAY (39.58 -19.59%)
• Financials: PPDF (3.99 -13.82%)
• Energy: NE (1.58 -24.04%), ESV (6.62 -18.47%), ALTM (3.99 -17.56%), SDRL (3.12 -14.29%)
• Consumer Staples: DF (1.06 -13.82%)

Dave & Busters (PLAY) reported earnings on Tue 11 June 19 (a/h)

** charts before earnings **

 

** charts after earnings **

Dave & Busters misses by $0.01, misses on revs, comps -0.3% which was below expectations; guides FY20 revs below consensus, lowers full year comp guidance 

• Reports Q1 (Apr) earnings of $1.13 per share, $0.01 worse than the S&P Capital IQ Consensus of $1.14; revenues rose 9.5% year/year to $363.58 mln vs the $371.72 mln S&P Capital IQ Consensus.
  • Comparable store sales decreased -0.3%. Co says comps were below expectations largely due to the Easter shift, which proved unfavorable this year.
• Co issues downside guidance for FY20, sees FY20 revs of $1.365-1.390 bln vs. $1.40 bln S&P Capital IQ Consensus and vs prior guidance of $1.37-1.40 bln. Co lowers net income guidance to $103-113 mln from $105-117 mln.
  • Comp guidance for full year was lowered to "-1.5% to +0.5%" from prior guidance of "flat to +1.5%." Co reiterates guidance for 15-16 new stores this year.

Earnings this week : June 10 - 14, 19 (wk 24)

Monday (June 10)

• Morning: LOVE THO UXIN 
• Afternoon: ASNA CASY

Tuesday (June 11)

• Morning: CHS HRB HDS JW.A
• Afternoon: PLAY

Wednesday (June 12)

• Morning:  
• Afternoon: LULU OXM RH TLRD

Thursday (June 13)

• Morning: DLTH SECO TUFN
• Afternoon:  AVGO  

Friday (June 14) 

• Morning:  CMCM

Dave & Busters (PLAY) reported earnings on Tue 11 Dec 2018 (a/h)

** charts before earnings **

 

** charts after earnings **

Dave & Busters beats by $0.06, beats on revs, comps -1.3%; raises lower end of full year revenue guidance

• Reports Q3 (Oct) earnings of $0.30 per share, $0.06 better than the S&P Capital IQ Consensus of $0.24; revenues rose 12.9% year/year to $282.1 mln vs the $277.3 mln S&P Capital IQ Consensus.
  • Comparable store sales decreased -1.3%, driven by a -0.7% decrease in walk-in sales and a -6.9% decrease in special events sales. Comps in Amusements & Other increased +1.5% but decreased -5.0% in Food & Beverage.
• Co raises low end of guidance for FY18, sees FY18 revs of $1.243-1.255 bln vs. $1.25 bln S&P Capital IQ Consensus and vs prior guidance of $1.230-1.255 bln. Co guides to FY18 EBITDA of $268-277 mln vs prior guidance of $263-277 mln.
  • Guides to FY18 comps of a decrease of low single digits.
• For FY19, co guides to revenue being up high single digits with EBITDA up mid-to-high single digits.

Earnings this week : Dec 10 - 14, 18 (wk 50)

Earnings confirmed to report this  week

Monday (Dec 10)    

• Morning: None
• Afternoon: ASNA CASY NX ROAD SFIX

Tuesday (Dec 11)

• Morning: DSW FRAN
• Afternoon: AEO PLAY POWL PVTL 

Wednesday (Dec 12)

• Morning: PLAB VRA
• Afternoon: NCS NDSN OXM TLRD

Thursday (Dec 13)

• Morning: CIEN
• Afternoon: ADBE CIVI COST

Friday (Dec 14)
None

Long trade : Dave & Buster's (PLAY) +12% (6/18)

• 4 days later, after earnings

Dave & Busters (PLAY) reported earnings on Mon 11 June 18 (a/h)

** charts before earnings **

** charts after earnings **

 

Dave & Busters beats by $0.12, beats on revs; reaffirms FY19 revs guidance 

• Reports Q1 (Apr) earnings of $1.04 per share, $0.12 better than the Capital IQ Consensus of $0.92; revenues rose 9.2% year/year to $332.2 mln vs the $321.57 mln Capital IQ Consensus.
• Comparable store sales decreased 4.9%. Comparable store sales decrease was driven by a 4.8% decrease in walk-in sales and a 6.4% decrease in special events sales.
• Co opened six new stores during the quarter.
• Coreaffirms guidancefor FY19, sees FY19 revs of $1.2-$1.24 bln vs. $1.23 bln Capital IQ Consensus Estimate. Expects comparable store sales to decrease in the low-to-mid single digits. Expects to open 14-15 new stores. Sees net income of approx $95-$110 mln.

Dave & Busters (PLAY) reported earnings Tue 5 Dec 2017 (a/h)

** charts before earnings **

 

** charts after earnings **

 

Dave & Busters beats by $0.04, misses on revs; lowers full year revs guidance below consensus 

• Reports Q3 (Oct) earnings of $0.27 per share, $0.04 better than the Capital IQ Consensus of $0.23; revenues rose 9.3% year/year to $250 mln vs the $255.7 mln Capital IQ Consensus. Comparable store sales decreased 1.3%. Co opened one new store compared to two new stores.
• Co states that hurricanes during the quarter had an unfavorable impact on our comparable store sales growth, total revenue and EBITDA of approximately 50 basis points, $2 million and $0.7 million respectively. In addition, wildfires had an unfavorable impact on our California stores. 
• Co lowers guidancefor FY18 (year ends Feb 2018) revs to $1.148-$1.155 bln (previously $1.160-1.170 bln) vs. $1.17 bln Capital IQ Consensus Estimate. Downside guide is primarily driven by the impact of hurricanes, including a delay in our Puerto Rico opening; and reduced comparable store sales guidance. Sees comparable store sales increase of 0.0% to 0.75% (on a comparable 52-week basis) (vs. 1% to 2% previously). Expects to open 14 new stores. Sees Net income of $110-$112 million (vs. $109 million to $113 million previously). 
• For the following year FY19 (refers to as fiscal 2018), co expects low-double-digit growth in revenue and high-single-digit to low-double-digit growth in EBITDA on a comparable 52-week basis. Co plans to give more comprehensive guidance for next year on fourth quarter 2017 conference call, which is expected in early April 2018. 

Dave & Busters introduces new smaller store format of 15,000 to 20,000 square feet  

• In fiscal 2018, co plans to open a total of fourteen to fifteen new stores, representing unit growth of 13% to 14%. These openings will skew towards the large store format and existing markets for our brand.
• Co also announced a new smaller store format of 15,000 to 20,000 square feet to capitalize on demand in smaller markets not included in original plan. Long term, co sees potential to open 20 to 40 of these stores, including two that are part of 2018 plan. This new format has the potential to expand whitespace opportunity by 10% to 20% beyond the original target of 211 locations in the United States and Canada alone. 

Dave & Busters (PLAY) reported earnings Tue 6 Dec 2016 (a/h)

** charts after earnings **

 

Dave & Buster’s Entertainment PLAY released its third quarter fiscal 2016 financial results after the bell, posting earnings of 25 cents per share and revenues of $228.7 million. 

Beat earnings estimates. The company reported earnings of 25 cents per share, beating the Zacks Consensus Estimate of 13 cents per share and growing a whopping 108% year-over-year. Net income was $10.8 million.

Beat revenue estimates. The company saw revenue figures of $228.7 million, also beating our consensus estimate of $213 million and growing 18.6% year-over-year.

Dave & Buster’s saw comparable store sales increase 5.9% during the quarter, compared to an increase of 8.8% in the year-ago period.

Looking ahead, the company has raised its full-year fiscal 2016 financial outlook. Total revenues are expected to be in the range of $998 million to $1.003 billion. Q4 comps should fall between an increase of 2.5% and 4.5%, while net income is expected to be in the range of $86.5 million to $88.5 million.

"Dave & Buster's delivered exceptional quarterly results and we are pleased to be increasing our annual guidance. Our strength was broad-based as we experienced momentum across the country and throughout the quarter. Guests responded well to the conclusion of our 'Summer of Games' promotion, along with our subsequent football-related promotions," said Steve King, Chief Executive Officer.

PLAY — is it a buy?

• April 11:  Is PLAY a buy?

• 3 months later;

Dave & Busters (PLAY) reported earnings Tue 8 Dec 2015 (a/h)

** charts before earnings **

 

** charts after earnings **

 

 Dave & Busters beats by $0.09, beats on revs; guides FY16 revs above consensus, same store comps +8.8%  :

• Reports Q3 (Oct) earnings of $0.12 per share, excluding non-recurring items,$0.09 better than the Capital IQ Consensus of $0.03; revenues rose 17.9% year/year to $192.75 mln vs the $185.39 mln Capital IQ Consensus.
• Co issues upside guidance for FY16, sees FY16 revs of $857-861 mln vs. $851.78 mln Capital IQ Consensus Estimate and vs prior guidance of $844-853 mln. Co increases FY16 pro-forma net income guidance to $59.0-60.5 mln from $52.5-55.0 mln previously. FY16 comparable store sales guidance increased to +8.5-9.0% from +6.5-7.5% previously.
• Comparable store sales in Q3 increased +8.8%, inclusive of an estimated negative 110 basis point Halloween calendar shift, and despite lapping an 8.7% gain from the prior year.
• Co says it's "experiencing a phenomenal year of record results and we are very pleased to be increasing our annual guidance for the third consecutive time."
• "Guests continued to respond well to our 'Summer of Games' promotion which concluded in [Q3] with our subsequent football-related promotions along with new food and beverage introductions. Our sales strength during the third quarter was well-represented across categories, operating days, day-parts, and geographies."
• Co is slated to open 8-9 new stores this year, mostly in the large store format, and are projecting 9-10 in 2016 across both store formats.