Unusual Options Activity Fri 10/6/23

 

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:

• MU Oct 68 calls (volume: 3940, open int: 8070, implied vol: ~67%, prev day implied vol: 46%).  2K traded in a single transaction. Co starting construction on memory fab in Idaho; expected to come online in phases starting in 2025, with DRAM production ramping over the second half of the decade. Co is expected to report earnings late December. 
• QCOM Oct 110 calls (volume: 3020, open int: 760, implied vol: ~43%, prev day implied vol: 35%). The Biden administration is expected to soon tighten chip tool restrictions against China. Co is confirmed to report earnings November 1 after the close.
• AVGO Oct 840 calls (volume: 1920, open int: 640, implied vol: ~37%, prev day implied vol: 34%). Co is expected to report earnings mid-November.
  

Bearish Put Activity:

• UPST Oct 25 puts (volume: 2610, open int: 410, implied vol: ~159%, prev day implied vol: 100%). Co is expected to report earnings early November.
• SIRI Nov 4 puts (volume: 10.4K, open int: 10, implied vol: ~91%, prev day implied vol: 88%). 2500 contracts traded in a single transaction. Co is confirmed to report earnings November 3 before the open.

Sentiment: The CBOE Put/Call ratio is currently: 1.30, VIX: (17.64, -0.85, -4.6%).
October 20 is options expiration -- the last day to trade October 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:

• MRVL Mar 47.5 calls are seeing interest ahead of earnings tonight after the close (volume: 1770, open int: 40, implied vol: ~163%, prev day implied vol: 127%). Co is presenting at two conferences in March.
• MP Mar 35 calls are seeing interest with the underlying stock down 12% (volume: 1610, open int: 370, implied vol: ~59%, prev day implied vol: 52%). Co is expected to report earnings early May.
• SU Mar 37 calls (volume: 11.6K, open int: 10, implied vol: ~33%, prev day implied vol: 32%). 1700 contracts traded in a single transaction. Co is expected to report early May.
  

Bearish Put Activity:

• UPST Mar 16.5 puts are seeing interest with the underlying stock down 5% (volume: 3570, open int: 280, implied vol: ~112%, prev day implied vol: 101%). 1100 contracts traded in a single transaction. Co is expected to report earnings early May.
• JNJ Mar 150 puts (volume: 2150, open int: 220, implied vol: ~25%, prev day implied vol: 23%). Co is scheduled to present at two conferences in March. Co is confirmed to report earnings April 18 before the open.

===Upstart (UPST) reported earnings on Tue 8 Nov 22 (a/h)

 

Upstart misses by $0.16, misses on revs; guides Q4 revs below consensus 

• Reports Q3 (Sep) loss of $0.24 per share, excluding non-recurring items, $0.16 worse than the S&P Capital IQ Consensus of ($0.08); revenues fell 31.2% year/year to $157.23 mln vs the $169.44 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q4, sees Q4 revs of ~$125-145 mln vs. $185.32 mln S&P Capital IQ Consensus.

Earnings this week : Nov 7 - 11, 22 (wk 45)

Monday (Nov 7)

• Morning:  AMG BLDP BNTX WHD CHH CRON DK WTRG FNV HAE HLIO DINO HEP NI NRG PLTR RBA FOUR THS VTRS
• Afternoon: ME TWOU AAON ACCO ATVI ADTN LNT AEL AMWL ASH BNFT BHF BWXT CBT CERT DHT FANG DOCN DIOD EHTH FN FGEN FIVN FLGT GRPN HIMS ICUI IFF LGND LPSN LYFT MTW DOOR MLNK MOS MWA NSTG NFE OSH PACB PRDO PRIM QTWO QGEN ROVR SANM SWAV SEDG TTWO TASK TDC TRIP UIS VECO VNOM WELL XNCR YMAB

Tuesday (Nov 8)

• Morning: ACRS AHCO BSY BLDR CG CLVT CNHI CEG COTY CYXT DBD DD ELAN EXK EVBG EVRI EXPD FA GFS HAIN HSKA IGT RIDE LITE MNKD NEO NXST NWN NCLH NOVT PKI PRGO PLNT PLTK PRTY RCM RETA REYN SAGE SCSC SSP SQSP STVN SPWR SHO SKIN TAC TGI
• Afternoon:  DDD ABCL AFRM AKAM ALRM BIRD AMC DOX AMRS ANGI ARLO ARRY AXON BLNK  CLNE CRCT DAR DV EBS ENV EOLS FNF FLYW GMED GDRX GO GXO HALO HCAT HRTX ICHR IOSP INO IAC NVTA JKHY LMND LFST RAMP LCID MASI MRTX MO CARG DN MRC NTRA NHI NEWR NWSA KIND NOG NLOK NVAX OXY OPK OSUR PLUG PRI PRA PUBM SEER SILK SRC SFM SUPN SG TWO UPST VSAT WTI DIS XENE ZD

Wednesday (Nov 9)

• Morning:  DIBS ALE BGNE BHG CGC CPRI CEVA GIB DHI EBIX AG FVRR HBI HR HL HGV IMXI IONS KRNT LTH MIDD NOMD OLPX PAR PFGC PERI RDNT RSKD RBLX RCI SEAS SPTN STWD STER TBLA TRP TGNA TTD COCO TPG VCEL VERX WD WEN WWW
• Afternoon:  ACVA APP ATO BGS BYND BMBL CELH CDE CPNG DM APPS BROS EGIO ENS FICO FORG G GDOT IPAR JXN JAMF JAZZ KGC LNW MGNI MFC MQ NVTS NUVA OLO PAAS PAY PAYO PETQ PLBY PRPL RXT RDFN RPAY RNG RIVN STE STKL TTGT TTEK COOK TTEC U VZIO VUZI WYNN ZIMV ZIP

Thursday (Nov 10)

• Morning: MT AZN AZUL BDX BAM CAE DGII EPC GENI HIMX IAA KELYA SWIM NABL EYE NICE NIO PSFE PGTI PRMW RL RBC SBH SHCR SIX SSYS SLVM TPR TDG USFD UTZ WRBY WRK WE WIX YETI
• Afternoon:  AGTI LFG BBDC BZH CDRE COMP CCSI LAW DOCS DUOL EDR EXFY FIGS FLO INDI LZ MCW MTTR POSH RYAN SWIR SMRT TOST VTEX

Friday (Nov 11)  

• Morning:  AQN

===Upstart (UPST) reported earnings on Mon 9 May 22 (a/h)

 

Upstart beats by $0.08, beats on revs; guides Q2 revs below consensus; lowers FY22 revs outlook 

• Reports Q1 (Mar) earnings of $0.61 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.53; revenues rose 155.6% year/year to $310.14 mln vs the $300.13 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q2, sees Q2 revs of $295-$305 mln vs. $334.83 mln S&P Capital IQ Consensus.
  • Sees adj. EBITDA of approx. $32-$34 mln.
  • Adj. net income of $28-$30 mln.
• Co issues downside guidance for FY22, sees FY22 revs of $1.25 bln (from approx. $1.40 bln) vs. $1.4 bln S&P Capital IQ Consensus.
  • Sees adj. EBITDA of approx. 15%.

Earnings this week : May 9 - 13, 22 (wk 19)

Monday (May 9)

• Morning:  ACM AZUL BNTX CLVT COTY DUK ELAN ENR HSKA DINO HGV HEP JLL RIDE MAC MSGE PLTR RCM RDNT TGNA TWKS THS TSN VTRS WOW
• Afternoon: DDD AMC AMWL ANGI AZTA BLI BLNK BHF BWXT CARG DHT DNB EQH ESE EVBG FGEN GDRX GRPN HLIO HRTX HI HIMS HBM ICUI IAC IFF JRVR FROG LPSN MGY MAXR MESA MCHP MRC NCMI NHI NVAX OPK OPRT PLUG PRAA PRIM PRA PUBM RNG RBA ROVR SWAV SPG SDC SU SUPN TASK TDUP TREX UNVR UPST VVV VECO VRM XPO YMAB ZNGA

Tuesday (May 10)

• Morning: MASS ACRS AHCO ALGM AMRS ARMK AVYA AZEK BHC BSY BCO BLDR CRNC CEVA CHH CRON XRAY DM DBD DSEY EBIX EPC ENOV EVRI FOXA HAE HL H IAA IIVI IGT ITCI KNBE LCII LI MBUU MIDD EYE NXST NCLH NOVT PTON PLNT RETA REYN STER STVN SYY TTGT TPG TDG VERX WMG
• During Market Hours: ENTA
• Afternoon:  EGHT AKA ABCL BIRD ARLO ARRY AXON BOOT BRP ELY CELH COIN COLL CRCT CUTR DAR MSP DV DOUG EA EOLS EXEL FNF FLYW GFS GMED GOCO GO GRWG HALO HCAT ICHR INO IPAR JXN JAMF KGC LNW MTTR MODN NSTG OXY OLO OSUR PLBY PRPL RXT RPAY RBLX RKT SCSC SOFI SWCH SKIN REAL TTD U VUZI WELL WES WYNN YELL ZETA ZD

Wednesday (May 11)

• Morning:  ATC FVRR KRNT DNUT LTH NOMD OLPX PFGC PRGO SLVM WEN WWW YETI
• Afternoon:  DIBS ACVA DOX APP ATCO BYND BMBL CPA CPNG BROS FLNC MFC MQ PAAS RIVN SMRT SONO STE SLF COOK DIS ZIP

Thursday (May 12)

• Morning: CAMT CYBR CYXT DAVA GENI HIMX HLLY IS KELYA NABL NICE NVMI PGTI PRMW SHCR SIX DTC SQSP TPR TNK USFD UTZ
• Afternoon:  AFRM AQN BLND BRLT COMP LAW DUOL FIGS HRT INDI LZ MLNK MSI NVTS NEWR PAYO POSH TBLA TOST VZIO VTEX UP

Friday (May 13)  

• Morning:  PLXP

Upstart (UPST) reported earnings on Wed 17 March 21 (a/h)

 ** charts after earnings **

Upstart beats by $0.05, beats on revs; guides Q1 revs above consensus; guides FY21 revs above consensus

Reports Q4 (Dec) earnings of $0.07 per share, $0.05 better than the S&P Capital IQ Consensus of $0.02; revenues rose 41.9% year/year to $86.7 mln vs the $73.5 mln S&P Capital IQ Consensus.

Bank partners originated 123,396 loans across our platform in the fourth quarter of 2020, up 57% from the same quarter of the prior year.

Conversion on rate requests was 17.4% in the fourth quarter of 2020, up from 14.9% in the same quarter of the prior year.

Co issues upside guidance for Q1, sees Q1 revs of $112-$118 mln vs. $75.30 mln S&P Capital IQ Consensus. Sees adjusted net income of $13.4-$14.2 mln.

Co issues upside guidance for FY21, sees FY21 revs of approximately $500 mln vs. $359.45 mln S&P Capital IQ Consensus. Contribution Margin of approximately 41%.

Upstart agrees to acquire Prodigy Software; terms not disclosed

Upstart has entered into a definitive agreement to acquire Prodigy Software, a provider of cloud-based automotive retail software. With the acquisition of Prodigy, Upstart will accelerate its efforts to offer AI-enabled auto loans through the tens of thousands of auto dealers nationwide where the majority of auto loans are originated.

More than $2 bln in vehicle sales have been powered by Prodigy at franchised dealers from brands such as Toyota, Honda, and Ford.

The transaction is expected to close in the second quarter of calendar year 2021.

UPST — is it a buy?

• Jan 12: Is UPST a buy?

• Feb 3:

• March 2: