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Options News Of The Day - 2/14/2024

  • Uber Technologies (UBER) Ranked #43 in Q1 2024 Large Cap Rankings Uber had a great day if you were long the position today. The stock was up around 14% today after the company announced they were doing $7 Billion in stock buybacks. The company crossed $79 today which is above the 12 month price target we had on the stock. One option contract that saw heavy action to the upside that was on our radar was the April 19 2024 expiration $70 strike price Call. The contract was up 184% today closing at $11 ($1100 per contract; up $713 today) and the strike price was of note to us due to the fact that we had a $70 price target on Uber since 12/6/2023. The stock has seen 33% upside since December 2023. We aren't sure if there is additional upside but we will reassess once the Q2 2024 Rankings are released. At the very least, Uber is one to keep an eye on.

MGM Resorts International (MGM) Ranked #18 in Q1 2024 Mid/Small Cap Rankings

On the other side of the game, MGM was the worst performer in the S&P 500 today. The stock was down -6% today, but if you were a holder of the February 16 2024 expiration $45 strike price Put contract you would have seen a pretty good one day return today. Those contracts were up 68% today closing at $2.09 ($209 per contract; up $68 today) after the company released their latest earnings after market close yesterday.

MGM was trading close to our 12 mo. price target before today. After digesting the latest earnings call it will be interesting to see where it shakes out for our Q2 2024 Rankings.

  • Topgolf Callaway Brands (MODG) Ranked #67 in Q1 2024 Mid/Small Cap Rankings Topgolf Callaway is driving a monster day today after it released its latest earnings yesterday. The sports and entertainment provider saw its stock rise 11% which closed above our $15 price target. Owners of the April 19 2024 expiration $15 strike price Call contract saw substantial gains as well. The call options were up 43% for that contract closing at $1.15 ($115 per contract; up $35 today). Topgolf is a stock that we feel is fairly valued at this point but can provide intrigue if the consumer remains strong.

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The information provided in this report is for general informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The opinions expressed in the report are our own and are subject to change without notice. We may have a position in the securities mentioned in the report, and we may buy or sell such securities without notice. Any investment decisions made based on the information in this report are solely the responsibility of the recipient. We do not accept any liability for any direct, indirect, or consequential loss arising from any use of this report or its contents.


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