PENN Entertainment Option Alert: Apr 26 $17 Calls Sweep (32) near the Ask: 943 @ $0.31 vs 489 OI; Earnings 5/2 Before Open Ref=$16.095
Portfolio Pulse from Charles Gross
A significant option activity was observed for PENN Entertainment with a sweep of 943 calls at a strike price of $17 for April 26, priced at $0.31, compared to an open interest of 489. This activity comes ahead of PENN's earnings report scheduled for May 2, before the market opens, with the reference stock price at $16.095.
April 16, 2024 | 2:50 pm
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POSITIVE IMPACT
The observed options activity suggests increased investor interest and potential speculation on PENN Entertainment's stock performance following their upcoming earnings report.
The significant volume of call options at a strike price above the current stock price indicates a bullish sentiment among investors, expecting the stock to rise post-earnings. The timing of this options sweep, just before the earnings announcement, further emphasizes its potential impact on PENN's short-term stock price movement.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90