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

by | Jul 9, 2024

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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

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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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WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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