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Bulls Take a Bite Out of Chewy Ahead of WOOF Earnings

by | Mar 12, 2024

It’s been a big couple of weeks for retail earnings, and pet suppliers are getting in on the action during Tuesday’s trading session…

With cousin stock Petco Health and Wellness Co. (WOOF) reporting earnings before the open Wednesday, Chewy (CHWY) saw some call buying. 

WOOF is just a penny stock these days after getting crushed over the past year, down over 70% to around $2.60 a share. 

I don’t bother with penny stocks and by the looks of these buys, neither does this big-money trader. 

We saw two orders in Chewy, both long-dated…

The first was in the September monthly expiration, $15 strike calls with CHWY just $18 apiece. The second order came in the October $17.5 calls, so closer to right at the money and a little more time. 

CHWY made a nice little run right as the orders hit. Check out the green arrow signals from my Master Indicator…

CHWY stock chart

We also saw calls in Dollar Tree (DLTR), which reports in the morning, as well as UiPath (PATH), which reports after the close Wednesday. 

If you’re a regular reader, then you know the drill…

Respect that risk! Those DLTR calls will go to $0 if wrong. There’s a little more time for PATH and a lot more time for CHWY, but never risk more than you’re OK with losing! 

Tuesday’s Top Order Flow: 

  • CHWY Oct24 Strike: 17.5 Calls premium: $112,100 ASK BULLISH
    Trade Date: March 12, 2024 Trade Time: 9:55 am
  • CHWY Sep24 Strike: 15 Calls premium: $155,040 ASK BULLISH
    Trade Date: March 12, 2024 Trade Time: 9:47 am
  • DLTR Mar24 Strike: 157.5 Calls premium: $102,172 ASK BULLISH
    Trade Date: March 12, 2024 Trade Time: 11:20 am
  • PATH Apr24 Strike: 28 Calls premium: $162,737 ABOVE ASK BULLISH
    Trade Date: March 12, 2024 Trade Time: 11:30 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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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

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The performances displayed here are historical examples based on scanner signals for the time period shown. The profits and performance shown are not based on any sort of typicality as there are no published alerts associated. We make no future earnings claims, and you may lose money.


WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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