PENN Entertainment Option Alert: Fri $23 Calls Sweep (26) near the midpoint: 2187 @ $0.396 vs 686 OI; Earnings 11/2 Before Open [est] Ref=$23.11
Portfolio Pulse from Charles Gross
PENN Entertainment has seen a significant increase in the volume of its $23 call options, with 2187 contracts traded at $0.396, compared to an open interest of 686. The company is expected to release its earnings report on November 2nd before the market opens.
September 21, 2023 | 2:20 pm
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POSITIVE IMPACT
The surge in call options suggests that traders are expecting PENN's stock price to rise. The upcoming earnings report could be a significant factor in this expectation.
The increase in call options indicates that traders are bullish on PENN's stock. They are expecting the price to rise above $23, hence the increase in call options. The upcoming earnings report could provide a catalyst for this expected price movement. If the earnings report is positive, it could drive the stock price up, validating the traders' expectations.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100