Wednesday, October 11, 2023

Wednesday 11 Oct 2023 Morning Notes

No trades of note yesterday other than a cheap bet ratio put spread in PD, buying the Oct $20 puts and spreading against 2x of the 17.5 puts. I could buy the Oct 20 puts at 48% IV and sell 2x of the 17.5 puts at more than 1.5x the IV of the 20 puts, and given the potential for a continuation lower on a break of $20 support, I think the .20 cents it cost to put on made sense. Of course PD completely reversed the other way, but it was a cheap bet so oh well.

Healthcare names seeing some good moves on NVO drug news. XOM makes bid for PXD official, XOM trades down 3% on the news with PXD up 1.5%

Yesterday AMC:
Today BMO: PEP

Other News:

Follow through names to watch: oil names, defense names

NVO: +3.5% at 96.22 on drug news;
PXD: +1.5% at 241.29 on deal w/XOM;

SILK: -49% on CEO news/guidance;
DVA: -18% at 74.48 on NVO drug news;
FMS: -16% at 17.53 on NVO drug news;
BAX: -10% at 33.60 on NVO drug news;
XOM: -3% at 107 on deal w/PXD;

Follow through watch:

Day before Y'day AMC:
Yesterday BMO:

Y'day Other News: COHR: +13% at 35 on biz deal/partnership; H: +7% at 112 on index inclusion; U: +5.5% at 31.40 on mgmt change; AKRO: -66% at 16.50 on drug data; ETNB: -36% at 10 on AKRO sympathy; PD: -5.5% at 20.60 on convertible note offering;

2 days ago AMC:
2 days ago BMO:

2 days ago Other News: PXD: +10% at 236.65 on XOM interest;

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