Friday, May 22, 2020

Friday 22 May 2020 Morning Notes

SONO saw some big call activity that apparently a lot of others jumped on board with. I took the wimp's route, and sold the June 10 puts for .84 avg. IV was marked around 120% when I sold those to open. The stock could drop to 10 and if IV drops to where it opened, I'll be flat in the trade. I expect the stock to trade somewhat flattish (or rip) and expect IV to come in once stock doesn't go anywhere, or after the weekend when no news comes out on Monday.

SONO stats: Traded 69k calls, vs 22k in OI, 30k in OI total if including puts. Traded 15k of the '21 Jan 12.5 calls, 15k of the Jun 12.5 calls, and 16k of the Jun 15 calls. Largest put volume was 2k in the Jun 10 puts, where I imagine many were sold to open to take advantage of the vol spike.

Earnings: Yesterday AMC: HPE, INTU, NVDA, PANW, SPLK; DECK,

Other News: 

Follow Through Names to Watch: EXPE, TTWO, BBY,

PANW: +6.9% at 245;
SPLK: +6.6% at 174;
MRNA: +5.9% at 71 on Fauci comments;

HPE: -7% at 9.63;


Follow through watch:

Day before Y'day AMC: EXPE, HUYA, LB, TTWO, YY; 
Yesterday BMO: HRL, MDT, BBY;

 Y'day Other News: BIDU: -4.3% AT 103.85, considers delisting from Nasdaq #lulz;

2 days ago AMC: NTES, URBN;
2 days ago BMO: ADI, LOW, MCK, RCL, TGT;

2 Day Old News: LK opens back up for trade, will be getting delisted; Intelsat begins trading as INTEQ; INO: +16% at 16.95, on drug data; ADI: +5.3% at 112; LOW: +4.2% at 121.75; LK: -42% at 2.55, will be getting delisted; FSCT: -14% at 18.10, continuing lower after deal falls through; URBN: -4% at 17.20;

TT Track of the Day: I need a great f'kn track to kick off this holiday weekend, so obviously I'm throwing it back old school to Motley Crue - Kickstart my heart

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