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Traders guess Activision Blizzard’s inventory will surge on earnings

Activision Blizzard’s inventory may quickly be on a sizzling streak.

The online game maker behind “Call of Duty” stories first-quarter earnings after Thursday’s closing bell, and the choices market is implying a 6.5% transfer in both route — a significant swing for a inventory that has gained lower than 5% yr so far.

And though the inventory has had a tough 12 months, shedding about 29% in market worth, choices merchants are extra bullish than bearish heading into earnings, Dan Nathan, principal of RiskReversal.com, mentioned Wednesday on Infos-Fortnite’s “Options Action.”

“Call quantity as we speak ran a bit sizzling to that of places. It was about two occasions that,” Nathan mentioned. “And it was attention-grabbing that plenty of the decision shopping for, or probably the most lively name strike, was within the weekly $50 calls. There was about 3,000 [to] 3,500 of these traded on a mean [price] of about $1.12 or so. And whenever you see that with a inventory at $48, $48.50, that is merchants enjoying for a short-term bounce.”

Nathan, who can also be a dealer on Infos-Fortnite’s “Fast Money,” mentioned the improved sentiment could possibly be coming from the latest motion in shares of Activision. The inventory fell dramatically from its highs in 2018 earlier than spending a while consolidating, which is commonly a precursor to a transfer increased.

“It’s nonetheless down about 35% from these all-time highs,” Nathan famous, referencing the above chart. “The factor clearly topped out final yr. But have a look at this consolidation that it is making right here. And, so, if you are going to purchase short-dated calls into that print, you make a defined-risk guess that it is going to get away, lastly, after this lengthy consolidation.”

Shares of Activision climbed greater than 2% in early Thursday buying and selling.

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