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Is Walgreens’ Loss CVS’s Gain?

by | Jan 5, 2024

Just this week, longtime dividend stalwart Walgreens slashed its quarterly payout in half…

The mega-pharmacy chain cut the dividend, which was the highest paying among the Dow 30 companies, from 48 cents a share to just 25 cents in order to “strengthen its long-term balance sheet and cash position.” 

The stock promptly fell about 14%. At the sign of blood in the water, bulls jumped CVS calls on Friday to the tune of about $528,502 in premium, grabbing the Feb. 24 expiration, $82.50 strike call options with the stock already up about 1% on the day, inching toward $82 a share. 


Maybe… This trade also captures the company’s Feb. 7 earnings date — so as always, you must respect the risk!

We also saw more bullish action in Citigroup, which reports before the open next Friday, Jan. 12. Citi has seen a lot of action this week with the stock rising over 5% and the bank stocks on deck to kick off earnings season. 

The Health Care sector has also been fairly strong of late, and we saw a big-money buyer in some Merck calls with the stock also up 5% the past week.

Check out the full flow data below!

Friday’s Top Order Flow: 

  • C Jan24 Strike: 57 Calls premium: $325,002 ABOVE ASK BULLISH aTrade Date: January 5, 2024 Trade Time: 11:27 am
  • CVS Feb24 Strike: 82.5 Calls premium: $528,502 ABOVE ASK BULLISH
    Trade Date: January 5, 2024 Trade Time: 9:55 am
  • MRK Jan24 Strike: 114 Calls premium: $625,235 ASK BULLISH
    Trade Date: January 5, 2024 Trade Time: 10:39 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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Just Go Here for the Full Rundown

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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