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Massive Bearish Bet Hits the Tape as NVAX Craters on Earnings

by | Aug 9, 2022

In Tuesday’s Blitz Daily with Lance Ippolito, we take a look at vaccine stock Novavax after its disastrous earnings release.

For all the flow we saw to start the week, Tuesday’s markets are a ghost town… 

Markets were sluggish at the open as we get close to Wednesday’s latest Consumer Price Index inflation report, which could be pushing people to the sidelines. 

Adding to Wall Street’s worries is chip name Micron Technology Inc. (Nasdaq: MU), and old pandemic player Novavax, which both issued major cuts to their 2022 guidance. 

The vaccine-maker suffered a quarterly loss of $6.53 per share, nowhere near the $5.50 per share of profits expected by analysts.  

Even worse, the company announced it doesn’t expect any additional U.S. sales in 2022, cutting its full-year revenue projections in half to $2.3 billion. 

The earnings result saw NVAX drop as much as 32% during Tuesday’s trading, while institutional short orders flooded the options tape…  

My scanner spotted one bloodthirsty bear scoop up about 1,500 contracts of the Jan. 20, 2023, expiration, $30 strike put for around $900,000! 

And if that’s not enough of a shot in the arm, check out the bearish flow in this junk meme stonk… 

  • Novavax Inc. (Nasdaq: NVAX): Jan. 20, 2023, $30 PUT.
  • Roblox Corp. (NYSE: RBLX): Aug. 12, $43.50 PUT.
  • Nvidia Corp. (Nasdaq: NVDA): Aug. 12, $175 PUT.
  • Nordstrom Inc. (NYSE: JWN): Aug. 19, $20.50 CALL.

Check out my short video and I’ll break down the day’s most unusual options order flow in no time flat! 

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Blitz Daily With Lance Ippolitto

At Weekly Blitz Alerts, we follow the big fish and what they’re buying. And we do that with my proprietary Blitz Tracker, which alerts me to big, institutional options order flow throughout the day. Then we get in on these plays and follow the “smart money.”  

By doing this, we cash in whether the broader market is going up, down or sideways. 

The Blitz Daily with Lance Ippolito is where I go over a handful of options trades that hit my Blitz Tracker each day, Monday through Thursday. I will break down the trade with the sexiest order flow and tell you exactly what I think can happen with that stock by the next day’s opening bell. 

If you want in on these fast-moving options plays, with entry, exit and profit targets sent directly to you via text and email alerts, be sure to sign up for Weekly Blitz Alerts!  

In the meantime, you can follow me @LanceIppolito on Twitter, Instagram and our YouTube channel for more trading insights and tips. And as always, you can find me right here talking stocks and options trading — and printing money — on WealthPress.com!

WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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