Bulls Mine Pure Storage Calls and a Sirius Penny Stock Lotto Play for Earnings

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Earnings season is barely underway, and we’ve already hit a grand slam…

In Monday’s edition of this newsletter, we covered my top penny stocks and what to avoid — and a couple of stocks reporting earnings this week, including personal care and household products company Helen of Troy (HELE). 

HELE reported earnings this morning, and the stock tanked over 30%, sending the September monthly expiration, $90 puts to the moon!

They were just over $7.00 a contract late Monday, and topped out over $28.00 a contract right after the open this morning— BANG!

We also covered some longer-dated Nvidia (NVDA) calls that more than doubled with NVDA popping over 4.3% during the first hour of trading!

So what do we have in store for today? 

Data storage name Pure Storage (PSTG) isn’t a name we don’t see hit the scanner a lot, which makes it notable. This play is also right in the money with shares trading around $65.50 this afternoon, and it catches earnings on Aug. 28. 

It’s also a sizable order over $611K, and market makers expect a move around $12 higher or lower by expiration. 

We also saw some calls in Sirius (SIRI), the satellite radio company, that catches its earnings report on Aug. 1. SIRI is a penny stock — be sure to check out my video from yesterday to hear my thoughts on trading penny stocks — trading around $3.30 a share, and these $4 calls are about 70 cents out of the money. 

Trading for around $0.25 a contract, this could be a cheap lotto ticket play should the company surprise on earnings — market makers expect a move of $1.26 higher or lower by expiration. 

This stock is up about 30% over the past month.  

Finally, we saw some short-dated puts hit in Delta (DAL), which reports after the close on Thursday. Remember, puts are often hedges against a long stock position in case it tanks on earnings. 

DAL is surging today, up over 2% above $47.25 a share, so these are a couple of bucks out of the money. 

With these being a potential hedge and a short-dated play, respect that risk! They could easily go to $0 after the company reports on Thursday. 

Tuesday’s Order Flow: 

• PSTG Sep24 Strike: 65 Calls premium: $611,220 ASK BULLISH
  Trade Date: July 9, 2024 Trade Time: 1:18 pm
• SIRI Aug24 Strike: 4 Calls premium: $124,750 ASK BULLISH
  Trade Date: July 9, 2024 Trade Time: 12:25 pm
• DAL Jul24 12th Strike: 45 Puts premium: $438,553 ASK BEARISH
  Trade Date: July 9, 2024 Trade Time: 11:56 am

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

Lance Ippolito Trading Team

Lance doesn’t want the CCP spying on him, so you’ll never find him on TikTok. Same goes for other social media sites, which are filled with impersonators, scammers and crypto bros. 

You can only find him on his personal YouTube Channel — smash that Subscribe button! https://www.youtube.com/@LanceIppolito 

And in his private Telegram channel: https://t.me/+-gVwEIwGJhplMTgx 

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

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