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Bears Slam Macy’s Ahead of Earnings, Drop $1M on Tanking Nikola 

by | Aug 21, 2023

We have retail earnings galore this week, along with the king of the chipmakers, Nvidia reporting Wednesday after the close…

NVDA was up as much as 6.6% Monday afternoon, and after seeing some early calls bought in rival chipmaker AMD to the tune of $517,614 in premium, the trader closed them out soon after.

We also saw some early calls in cloud tech company Snowflake, which also reports Wednesday after the close. But again, the trader quickly closed them out.

The biggest trade of the day by far came in a familiar pig stock… Nikola. 

With shares already down over 12% to $1.72 on the underlying, a bearish trader stepped in and dropped over $1 million in premium in deep in-the-money September $4 puts. Shares then continued to freefall, dipping as much as 24.5% by 11:30 a.m. ET! 

Check out the day’s top flow below for a retail name reporting this week — and more!

Monday’s Top Order Flow: 

  • Macy’s Inc. (NYSE: M): Sept. 1, $14.50 PUT.
  • Taiwan Semiconductor Mfg. Co. Ltd. (NYSE: TSM): Aug. 25, $93 CALL. 
  • Cisco Systems Inc. (Nasdaq: CSCO): November $55 PUT. 
  • And more!

Note: If no date is listed after the month, it’s the monthly expiration (third Friday). 

*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

P.S. Trading August’s Big Dip 

I recently got the chance to sit down with the Income Ace — Jack Carter. 

I just had to know how he’s been able to isolate income opportunities that have paid out on the same day…

Every year… for the past DECADE! 

It’s all thanks to his own personal income calendar: 

Jack even gave out 10 of the top trades from this exclusive calendar! 

Check out the full session here…

And Claim Your Free Trade Ideas!

WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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