Unusual Options Activity Fri 8/25/23

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:

⦁ KHC Weekly Aug25 34 calls (volume: 12.9K, open int: 300, implied vol: ~30%, prev day implied vol: 20%). 1240 contracts traded in a single transaction. Co is expected to report earnings early November.

⦁ ALKS Nov 29 calls (volume: 1510, open int: 0, implied vol: ~48%, prev day implied vol: 39%). 1500 contracts traded in a single transaction. Sarissa Capital lowers active stake to 4.997% following the sale of more than 5.7 min shares (7/27-8/24 transaction dates). Co is expected to report earnings late October.

Bearish Put Activity:

⦁ PLTR  Weekly Aug25 14 puts (volume: 35.0K, open int: 23.8K, implied vol: ~125%, prev day implied vol: 72%). 1900 contracts traded in a single transaction. Co is expected to report earnings early November,

⦁ SPWR Weekly Aug25 7 puts (volume: 3870, open int: 620, implied vol: ~102%, prev day implied vol: 74%). Co is expected to report earnings early November.

⦁ SPWH Sep 5 puts (volume: 2200, open int: 210, implied vol: ~62%, prev day implied vol: 51%). Co is confirmed to report earnings September 6 before the open.

Sentiment: The CBOE Put/Call ratio is currently: 1.12, VIX: (16.17, -1.03, -6.0%).

September 15 is options expiration -- the last day to trade September equity options.

Unusual Options Activity

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:

• SPWR Apr 13 calls (volume: 3020, open int: 260, implied vol: ~125%, prev day implied vol: 71%). Co is expected to report earnings early May.
• RUN Apr 18.5 calls (volume: 1880, open int: 270, implied vol: ~135%, prev day implied vol: 88%). Co is confirmed to report earnings May 3 after the close.
• ACI May 21 calls (volume: 1770, open int: 460, implied vol: ~20%, prev day implied vol: 17%). Co is confirmed to report earnings April 11 before the open.
  

Bearish Put Activity:

• LNC May 17.5 puts (volume: 13.2K, open int: 120, implied vol: ~89%, prev day implied vol: 82%). We noted activity in the Jul 22.5 puts earlier this week (see 4/4 13:20 OPTNX). Co is confirmed to report earnings May 9 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 1.00, VIX: (18.67, +0.98, +1.0%).
April 21 is options expiration -- the last day to trade April equity options.

-=SunPower (SPWR) reported earnings on Wed 31 July 2019 (a/h)

SunPower misses by $0.03, beats on revs; guides Q3 revs below consensus; guides FY19 revs in-line

Reports Q2 (Jun) loss of $0.22 per share, $0.03 worse thanthe S&P Capital IQ Consensus of ($0.19); revenues rose 7.8% year/year to $481.9 mln vs the $444.23 mln S&P Capital IQ Consensus.

Co issues downside guidancefor Q3, sees Q3 revs of $450-490 mln vs. $527.49 mln S&P Capital IQ Consensus.

Co issues in-line guidancefor FY19, sees FY19 revs of $1.9-2.1 bln vs. $1.96 bln S&P Capital IQ Consensus.

Earnings this week : July 29 - Aug 2, 19 (wk 31)

Monday (July 29)

• Morning: CTB ONDK SNY TSEM
• Afternoon: ACGL AKS AMH AMKR APPF APTS ARE AROC BRX BYND CGNX CHGG CVCO DISH EHC ELVT FRAC HLIT HTLF ILMN INST JBT JJSF LEG MDR MEDP NBIX NBR NGHC NOV NPO NTR NXPI OFC OGS OMF PCH PI PKI QTS RE RGA RIG RMBS RNG SANM SBAC SCI SSB SSD SSNC TACO TBI TEX TREX TRTX TXRH VNO VRNS WCN 

Tuesday (July 30)

• Morning:  AER AGCO AME AOS ARCC BEN BERY CEQP CIGI CMCO CMI CNX CNXM COP CVLT DHI DORM DSX ECL EME EQM ETN EXLS FDP FMS GEO GLT GLW GPN GRUB GTX HCA HUBB HUD HUN I INCY IPGP IR IRWD IT LDOS LGND LLY LPT MA MCRN MGLN MLM MMC MMYT MO MRK MYE NEO NRZ PAG PEG PG R RL SF SHOO SIRI SLCA SNE SQNS SR ST SXC TRS TX UAA VIVO VSH WAB WAT WCG WDR WYND XRX ZBRA
• Afternoon: AAPL ACHC ADSW AKAM ALL AMD AMGN APAM ARCB ASH ATEN ATRC AX AXS BEAT BLKB BXP BYD CACC CCS CDAY CHRW CINF CNO COHR CRY CSLT DENN DLR EA EGHT ENPH EQR EXP EXR FCPT FEYE FMC FTSI GILD GNW GRPN HA HR HUBG HURN HVT HY IMAX INVH IRWD KAI KBR KL LDL LNDC LSCC MC MDLZ MDU MGRC MKSI MOH MRCY MSTR MX MXIM NANO NATI NCR NR NUVA OKE PAYC PSA QGEN QUAD REXR RPAI RRD RTEC RXN SIMO SOI STAG SYKE SYX TCS TENB TRUP TTOO TWOU TX UDR UIS UMBF UNM VNOM VRSK WES WIRE YUMC ZEN

Wednesday (July 31)

• Morning: ACCO ADP AMCX AMRN AMT APO APTV ARES ASC BDC BG BHGE BLMN BTU CBZ CDW CG CHD CIM CLH CME CRL CRTO D DAN DIN EAF ECA EPD ETR EXTR FCAU FOE FSS GE GIB GLDD GRMN HEP HES HPP HSC HUM ICL JCI JHG KFRC LFUS LHX LIVN MCO MDC MGPI MTOR NI NLSN NYCB ORBC RDWR SAIA SBH SITE SMG SO SPG SPOT SPR SSYS STNG STRA TAP TGI TKR TMHC TNC TPB UTHR WLTW WNC
• Afternoon: ACAD AEGN AGI ALSN AM AMED APA AR ATR ATUS AVB AWK AYX BAND BLDP BOOT CAKE CASA CBL CCRN CF CHDN CHEF CMPR CNMD CONE CRUS CTSH CW CXO DRE DXCM EGOV EPR EQC EQIX ES ETH EVTC EXEL EZPW FICO FIT FIVN FLS FORM FOXF GDI GHL H HABT HCC HCP HI HOLX INN INOV IRTC KAMN KGC KTOS KW LADR LMNX LNC LPI LPSN LRCX LSI MAA MANT MASI MCK MEOH MET MOD MPWR MTDR MUSA MYRG NEXA NLS NLY OI OLN OR OXY PDM PGRE PK PPC PRAH PRU PS QCOM QLYS RBBN RDN RGR ROG RPT SIGI SKT SKY SKYW SLF SPWR SRI SWIR TDOC THG TIVO TRMB TRQ TS TSLX TTEK TTMI TWLO TYL UCTT VAC VAL VICI VNDA VRTX VVV WDC WELL WHD WLL WMB WRI WTI WTS ZNGA 

Thursday (Aug 1)

• Morning: AAON AAWW ABC ABMD ACOR ADM AGIO AKRX ALE AMCR ARW ASIX AVP BCE BCPC BLD BLL BPL BPMC BR BSIG CBRE CI CIR CLVS CLX CNHI CNQ CNSL CRAI CROX CRS CWT DD DEA DLPH DNKN EEX EIGI EXC GIL GLOG GM GNRC GPOR HBI HFC HGV HII HRI ICE IDA IDCC IDXX IGT INGR INSM IRM ITGR K KEM MAC MD MIXT MMP MPC MPLX MPW MSCI MT NMRK NNN NTCT NTLA NVT OSK PBF PBFX PBH PENN PGTI PH PRFT PWR RDS.A RFP RGEN ROLL RPD SABR SFM SHOP SNDR SPAR SPGI SRCL STAR STFC STOR SUM TFX TGP THS TNK TRI TRP TWI UFS VZ W WCC WEX WING WLH WMS WRK XEL XHR XYL YETI YUM ZEUS
• Afternoon: ANET APHA BZH WIFI CC CBPX DLB EBS EOG ETSY FSLR FLR FTNT GDDY GLUU GPRO TUSK PINS QRVO RDFN SQ SVMK OLED ZIXI

Friday (Aug 2) 

• Morning: ARNC XRAY CVX XOM RACE HRC NWL MGI QSR STX  

Notable earnings reports:

• NXP Semiconductors (NASDAQ:NXPI) and Beyond Meat (NASDAQ:BYND ) on July 29;
• Apple (NASDAQ:AAPL), Merck (NYSE:MRK), Pfizer (NYSE:PFE), Procter & Gamble (NYSE:PG), Altria (NYSE:MO), Electronic Arts (NASDAQ:EA), MasterCard (NYSE:MA), Mondelez International (NASDAQ:MDLZ), AMD (NASDAQ:AMD), FireEye (NASDAQ:FEYE ), ConocoPhillips (NYSE:COP) and Under Armour (UA, UAA) on July 30;
• General Electric (NYSE:GE ), Humana (NYSE:HUM), Qualcomm (NASDAQ:QCOM), Fitbit (NYSE:FIT), Spotify (NYSE:SPOT), Western Digital (NASDAQ:WDC) and Cirrus Logic (NASDAQ:CRUS ) on July 31;
• General Motors (NYSE:GM), U.S. Steel (NYSE:X), Kraft Heinz (NASDAQ:KHC), Shopify (NYSE:SHOP), Etsy (NASDAQ:ETSY), Wayfair (NYSE:W), Yum Brands (NYSE:YUM), Square (NYSE:SQ), GoPro (NASDAQ:GPRO) and Universal Display (NASDAQ:OLED) on August 1; 
• Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Newell Brands (NASDAQ:NWL) and Seagate Technology (NASDAQ:STX) on August 2.

=Long trade : SPWR +7% (3/18)

• Mon 3/19:  #2, 4, 61, 95, 97   vol. 3.5M

=SunPower (SPWR) reported earnings on Tue 1 Aug 2017 (a/h)

Solar energy company SunPower (SPWR) reported second-quarter earnings after the market close that beat estimates, but the stock plunged as it expects results for the current quarter to fall far below estimates.

SunPower reported adjusted revenue of $337.4, and unadjusted sales of $341.5 million, both figures beating the consensus estimate of $305 million. It reported an adjusted loss of 35 cents per share, beating the consensus of a 46-cent loss, as polled by Zacks.

SunPower stock tumbled more than 11.7%, near 10.05, in after-hours trading on the stock market today, as the company's fiscal fourth-quarter outlook missed views.

For the current quarter, SunPower expects revenue in the range of $320 million to $370 million, far below the consensus estimate of $678 million. For fiscal 2017, SunPower expects revenue in the range of $2.1 billion to $2.3 billion, vs. its prior outlook of $2.1 billion to $2.6 billion. The consensus is for $2.3 billion.

"Our strong execution enabled us to meet our financial goals for the quarter despite the continued challenging industry conditions," Tom Werner, SunPower chief executive, said in prepared remarks.

He added: "Strategically, we continue to believe that our restructuring program will enable us to successfully navigate the current market transition while positioning us for improved financial performance."

Based in San Jose, Calif., SunPower designs and manufactures solar panels and systems for residential, business, government and utility customers.

=====SunPower (SPWR) reported earnings Tue 9 Aug 2016 (a/h)

SunPower reports Q2 (Jun) results, beats on revs; Lowers guidance, announces restructuring due to industry conditions  :

• Reports Q2 (Jun) loss of $0.22 per share, may not be comparable to the Capital IQ Consensus of ($0.24); revenues rose 6.7% year/year to $401.8 mln vs the $347.7 mln Capital IQ Consensus.
• Industry Warnings
• "However, while the long-term fundamentals for solar power remain strong, we see a number of near-term industry challenges, primarily in our power plant segment, that we expect to impact our business and financial performance in the second half of 2016. The extension of the Investment Tax Credit, as well as the bonus depreciation credit, while beneficial to the long-term health of the industry, has reduced the urgency to complete new solar projects by the end of 2016,with many customers adopting a longer-term timeline for project completion. Additionally, near-term economic returns have deteriorated due to aggressive PPA pricing by new market entrants, including a number of large, global independent power companies. We are also seeing customer project IRRs rising in the near term as buyers have increased their hurdle rates due to industry conditions. Finally, the continued market disruption in the YieldCo environment has impacted our assumptions related to monetizing deferred profits. "As a result, we have proactively decided to streamline our power plant development segment while shifting investment to our distributed generation (DG) segments".
  
• Impact from Realignment
  As a result of the announced realignment, the company expects the following:
  
  • Workforce reduction of approximately 15 percent or 1,200 employees, primarily related to its Philippine facility closure 
  • Restructuring charges totaling $30-$45 million
  • Substantial portion of charges to be incurred in the third quarter of 2016 with more than 50 percent of the total charges to be cash
  • Annual operating expense reductions of approximately 10 percent
• Co issues downside guidance for Q3, sees Q3 revs of $750-850 mln, may not be comparable to $1.12 bln Capital IQ Consensus Estimate.
  
  • Gross margin of 16.5 percent to 18.5 percent
  • EBITDA of $115 million to $140 million
  • MWs deployed in the range of 380 MW to 420 MW. 
• Co issues downside guidance for FY16, sees FY16 revs of $3.0-3.2 bln, may not be comparable to $3.28 bln Capital IQ Consensus Estimate.
  
  • Gross margin of 10.5 percent to 12.5 percent
  • EBITDA of $275 million to $325 million
  • Capital expenditures of $225 million to $245 million
  • GW deployed in the range of 1.45 GW to 1.65 GW.