Unusual Options Activity Fri 9/27/24

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

• RKLB Oct04 10 Calls are seeing interest with 2465 contracts trading vs. open int of 974, pushing implied vol up around 6 points to ~91%. Co is expected to report earnings early November. Stock is up 12% in today's session.

• HOOD Oct04 23.5 Calls are seeing interest with 8834 contracts trading vs. open int of 2953, pushing implied vol up around 7 points to ~55.1%. Stock is up 6% in today's session.

Bearish Put Activity

• SAVA Nov15 25 Puts are active with 900 contracts trading vs. open int of 153, pushing implied vol down around 22 points to ~128%. Co is expected to report earnings early November. Stock is down 8% in today's session.

• SAVE Oct04 2.5 Puts are active with 554 contracts trading vs. open int of 424, pushing implied vol down around 62 points to ~133%.

Sentiment: The CBOE Put/Call ratio is currently: 0.79, VIX: (16.00, +0.63, +4.1%).
October 18 is options expiration - the last day to trade October equity options.

Unusual Options Activity Tue 10/10/23

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:

• PLUG Oct 7 calls are seeing interest with the underlying stock up 11% (volume: 11.8K, open int: 7370, implied vol: ~99%, prev day implied vol: 93%). 1000 contracts traded in a single transaction. Co is expected to report earnings early November.
• HLF Nov 17.5 calls (volume: 5560, open int: 0, implied vol: ~76%, prev day implied vol: 70%). 4100 contracts traded in a single transaction. Co is confirmed to report earnings November 1 before the open.
• STNE Nov 12 calls are seeing interest with the underlying stock up 5% (volume: 3010, open int: 10, implied vol: ~52%, prev day implied vol: 48%). 3K traded in a single transaction. Co is expected to report earnings mid-November.
• JBLU Oct 5 calls are seeing interest with the underlying stock up 4% (volume: 2260, open int: 500, implied vol: ~12%, prev day implied vol: 10%). Co is expected to report earnings late October.
  

Bearish Put Activity:

• SAVE Jan24 15 puts (volume: 1860, open int: 40, implied vol: ~120%, prev day implied vol: 99%). Co is expected to report earnings late October.
• JOBY Apr24 6 puts (volume: 2050, open int: 0, implied vol: ~68%, prev day implied vol: 65%). Kerrisdale Capital is short JOBY; "In its path to almost certain failure, it's going to incinerate billions of investor capital or just go bust." Co is expected to report earnings early November.
  

Sentiment: The CBOE Put/Call ratio is currently: 1.08, VIX: (16.71, -0.99, -5.6%).
October 20 is options expiration -- the last day to trade October equity options.

Unusual Options Activity, Mon 6/12/23

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:

• NCLH Jun 18 calls are seeing interest with the underlying stock up 8% (volume: 7610, open int: 330, implied vol: ~60%, prev day implied vol: 44%). Co is expected to report earnings early August.
• SAVE Jul 17.5 calls (volume: 2100, open int: 230, implied vol: ~34%, prev day implied vol: 25%). Co is expected to report earnings early August.
• K Jun 65 calls (volume: 3500, open int: 0, implied vol: ~25%, prev day implied vol: 17%). Co is scheduled to present at a Evercore conference on Thursday, June 15. Co is confirmed to report earnings August 3 before the open.
  

Bearish Put Activity:

• ZION Jun 31 puts (volume: 1990, open int: 170, implied vol: ~77%, prev day implied vol: 55%). Co is scheduled to present at a Morgan Stanley conference tomorrow. Co is confirmed to report earnings July 19 after the close.
• DAL Jun 39.5 puts (volume: 2570, open int: 710, implied vol: ~34%, prev day implied vol: 29%). Co is expected to report earnings mid-July.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.84, VIX: (14.52, +0.69, +5.0%).
This week is options expiration -- Friday, June 16th is the last day to trade June equity options.

Spirit Airlines (SAVE) to be acquired by Frontier Group (ULCC)

 

Frontier Group (ULCC), the parent company of Frontier Airlines, announced Monday that it will buy discount rival Spirit Airlines (SAVE) to better compete with mainline carriers. 

The deal will create the No. 5 airline in the U.S., Spirit equity holders will receive 1.9126 shares of Frontier plus $2.13 in cash for each existing Spirit share they own. That's equal to $25.83 as of Friday's close. The transaction values Spirit Airlines at $2.9 billion, but the deal is valued at $6.6 billion when accounting for the assumption of net debt and operating lease liabilities.

Frontier shareholders will own approximately 51.5% of the combined airline. Spirit shareholders will own approximately 48.5%. The new company is expected to have annual revenues of approximately $5.3 billion based on 2021 results.

The airlines said the deal will "create America's most competitive ultra-low fare airline for the benefit of consumers" and would offer travelers more destinations options in the U.S., Latin America and the Caribbean.

The merger should close in the second half of the year. A name for the airline and new branding will be determined prior to the deal's close.

Frontier Earnings

Frontier also announced fourth-quarter results Monday. The carrier reported a loss of 24 cents per share, less than the 32 cents-per-share loss FactSet analysts expected. Revenue was $609 million, under analyst expectations for $642.4 million.

Frontier operated an average of over 450 flights per day in Q4, up 10% vs. Q4 2019. Total revenue per passenger during the quarter was approximately $103.

The carrier ended 2021 with a total fleet of 110 aircraft. It has a massive Airbus (EADSY) order in the works with 91 additional A321neo aircraft are slated for delivery between 2023 and 2029.

Frontier and Spirit only fly Airbus jets, making it easier to combine operations.

=Spirit Airlines (SAVE) reported earnings on Wed 24 July 2019 (a/h)

Spirit Airlines beats by $0.05, reports revs in-line, guides for Q3 TRASM of down 1% to up 1% 

Reports Q2 (Jun) earnings of $1.69 per share, $0.05 better thanthe S&P Capital IQ Consensus of $1.64; revenues rose 18.9% year/year to $1.01 bln vs the $1.01 bln S&P Capital IQ Consensus.

Non-GAAP operating margin improved to 16.3% from 13.3% yr ago.

Total operating revenue per available seat mile (TRASM) increased 5.0% compared to the same period last year.

Reports cost per available seat mile (CASM), excluding operating special items and fuel (Adjusted CASM ex-fuel), of 5.41 cents, up 4.6% compared to the same period last year.

Guidance: For 3Q19, Spirit estimates its total revenue per available seat mile will be in the range of down 1% to up 1%. SAVE estimates its CASM ex-fuel for 3Q19 will be up 7.0-8.0% yr/yr. Compared to initial expectations at the beginning of the year of up 1% to 2%, 150 basis points are related to the previously disclosed additional costs in conjunction with the Ft. Lauderdale runway closure.

Additionally, 150 basis points of pressure is related to reduced ASM production primarily due to a lower completion factor assumption, 100 basis points are due to lower stage, and 200 basis points are primarily related to higher estimates for flight disruption costs. Spirit is assuming a lower completion factor for the remainder of the year in anticipation that the challenging weather conditions will continue.

=Spirit Airlines (SAVE) reported earnings on Thur 27 July 2017 (b/o)

Spirit Airlines beats by $0.04, reports revs in-line :

• Reports Q2 (Jun) earnings of $1.14 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $1.10; revenues rose 20.1% year/year to $701.68 mln vs the $702.29 mln Capital IQ Consensus.
• Total revenue per available seat mile (:TRASM) for the second quarter 2017 increased 5.7 percent compared to the same period last year. During the second quarter 2017, the Company's results benefited from the calendar shift of Easter, as well as Company driven revenue initiatives and a strong underlying demand environment.
• "While our cost performance for the second quarter was not satisfactory, we do not believe it materially changes our long-term cost outlook and are confident that we will continue to maintain, or grow, our relative cost advantage," said Ted Christie, Spirit's Executive Vice President and Chief Financial Officer.

=Spirit Airlines (SAVE) reported Q1 earnings on Tue 26 Apr 2016 (b/o)

Spirit Airlines beats by $0.04, reports revs in-line :

• Reports Q1 (Mar) earnings of $1.01 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.97; revenues rose 9.1% year/year to $538.1 mln vs the $536.17 mln Capital IQ Consensus, driven by an increase in flight volume, partially offset by a decrease in operating yields.
• Total revenue per passenger flight segment for the first quarter 2016 decreased 13.0 percent, or $16.08, year over year to $107.88, primarily driven by a 20.5 percent decrease, or $14.06, in ticket revenue per PFS.
• Adjusted pre-tax margin for the first quarter 2016 was 21.3 percent1. Co raised Q1 operating margin to 21.5% from 19-20.5% on April 18.

2011 largest IPOs - by market cap

(Links go to Google Finance)

Name	Symbol	Last price on 8/31/11	Market Cap
Kinder Morgan Inc (Google Finance)	KMI	25.85	20.92B
Nielsen Hldg NV  (Google Finance)	NLSN	29.66	10.64B
HCA Holdings Inc (Google Finance)	HCA	20.03	10.36B
Yandex NV	YNDX	30.97	10.00B
Linkedin  (Acq'd by MSFT 6/16)	LNKD	84.12	8.10B
Arcos Dorados Holding...	ARCO	27.57	5.78B
Kosmos Energy Ltd	KOS	13.88	5.41B
HomeAway, Inc.	AWAY	41.84	3.37B
Dunkin' Brands Group Inc	DNKN	26.34	3.33B
Renren Inc	RENN	7.34	2.88B
Freescale Semicond...	FSL	11.50	2.82B
Qihoo 360 Technology Co...	QIHU	23.80	2.77B
GNC Holdings Inc	GNC	24.20	2.51B
Air Lease Corp	AL	22.81	2.30B
BankUnited	BKU	23.45	2.28B
Pandora Media Inc	P	13.20	2.13B
Fusion-IO, Inc.	FIO	25.04	1.95B
CVR Partners, LP Common...	UAN	24.33	1.78B
Bankrate Inc	RATE	16.65	1.66B
RLJ Lodging Trust	RLJ	13.26	1.41B
KiOR Inc	KIOR	13.80	1.41B
RPX Corp	RPXC	27.10	1.28B
C&J Energy Services Inc	CJES	26.14	1.24B
Servicesource Intl. Inc	SREV	18.07	1.23B
Adecoagro SA	AGRO	10.62	1.16B
Wesco Aircraft Holdings...	WAIR	12.31	1.05B
Golar LNG Partners LP	GMLP	25.71	1.00B
Zillow Inc	Z	37.18	1.00B
Francesca's Holdings...	FRAN	22.93	998.05M
SunCoke Energy, Inc	SXC	14.16	991.20M
Teavana Holdings, Inc.	TEA	25.95	987.15M
Vanguard Health...	VHS	12.94	924.94M
Tornier N.V.	TRNX	23.39	916.21M
Active Network Inc	ACTV	16.18	889.90M
Spirit Airlines...	SAVE	12.08	875.71M
Solazyme Inc	SZYM	14.01	835.97M
Lone Pine Resources Inc	LPR	9.73	827.24M
InterXion Holding NV	INXN	12.56	824.17M
Zipcar Inc	ZIP	21.03	820.95M
American Assets Trust...	AAT	20.12	790.39M
Cornerstone OnDemand...	CSOD	15.52	745.96M
Sandridge Mississippian...	SDT	26.06	729.68M
Demand Media Inc	DMD	8.65	725.99M
Tesoro Logistics LP	TLLP	23.44	708.00M
Responsys Inc	MKTG	14.56	685.13M
Jiayuan.com Intl. Ltd	DATE	12.91	611.46M
Oiltanking Partners LP	OILT	23.99	466.60M
Skullcandy Inc	SKUL	16.54	446.13M
Endocyte, Inc.	ECYT	10.96	389.83M
VOC Energy Trust	VOC	22.34	375.87M
Sagent Pharmaceuticals...	SGNT	22.99	365.98M
Magnachip Semiconductor...	MX	8.96	357.54M
Tangoe Inc	TNGO	11.07	347.55M
NGL Energy Partners LP	NGL	21.40	316.37M
Taomee Hldgs. Ltd...	TAOM	8.45	316.06M
The Chefs Warehouse, Inc	CHEF	14.50	299.67M
Boingo Wireless Inc	WIFI	8.75	289.99M
TMS International Corp.	TMS	7.37	289.32M
Gevo, Inc.	GEVO	10.67	276.96M
Fluidigm Corporation...	FLDM	13.49	269.70M
China Zenix Auto Intl...	ZX	5.05	260.63M
Phoenix New Media Ltd...	FENG	6.62	239.23M
Summit Hotel Properties...	INN	8.28	225.86M
Sequans Communications...	SQNS	5.92	204.37M
Alexander Mortgage REIT...	MITT	18.43	185.24M
Apollo Residential...	AMTG	17.75	182.29M
American Capital...	MTGE	18.20	182.11M
Stag Industrial Inc	STAG	10.76	171.01M
Imperial Holdings, Inc.	IFT	7.42	157.32M
Box Ships Inc	TEU	9.72	156.62M
Horizon Pharma Inc	HZNP	8.00	153.18M
NeoPhotonics Corp	NPTN	6.10	150.95M
Compressco Partners LP	GSJK	15.51	143.60M
Pacira Pharmaceuticals... (Google finance)	PCRX	7.66	132.01M
BG Medicine, Inc.	BGMD	6.04	116.65M
Trunkbow Intl. Holdings...	TBOW	2.96	108.36M
21Vianet Group Inc	VNET	12.02	107.68M
Zuoan Fashion Ltd (ADR)	ZA	3.01	83.32M
Tranzyme Inc	TZYM	3.10	73.50M
AcelRx Pharmaceuticals...	ACRX	3.40	66.03M
NetQin Mobile Inc	NQ	6.14	56.27M
Kips Bay Medical, Inc.	KIPS	3.20	50.35M
China Century Dragon...	CDM	0.0000*	41.00M
Preferred Apartment...	APTS	7.05*	36.46M
BCD Semicond. Manufactur...	BCDS	5.82	17.20M