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Traders, Insiders Brace for Impact Ahead of Chewy Earnings

by | Aug 30, 2022 | Options

In Tuesday’s Blitz Daily with Lance Ippolito, we take a look at pet supply retail Chewy ahead of Tuesday’s earnings.

Markets are a sea of red once again as fears of hawkish interest rate hikes deepen on Wall Street, sparking another round of selling.

The tech-heavy Nasdaq lead the way down among the major indexes, shedding as much as 1.6% as the smart money aims to dump higher-risk assets off their books.

But it isn’t just the big institutions unloading their tech shares as some insiders have been spotted joining the herd.

Leading pet e-commerce name Chewy saw repeated selling from CEO Sumit Singh in August — dropping more than $11.7 million worth of shares leading up the company’s Aug. 30 earnings event.

The stock plummeted 26% in the past two weeks, with bloodthirsty bears roaring all over the options chain.

My scanner spotted one trader line up a big-money downside bet early Tuesday, scooping up around 700 of the Sept. 16 expiration, $34 strike puts for more than $115,000 in premium!

Of course, that’s just one example of the fantastic order flow hitting Tuesday’s tape…

    • Chewy Inc. (NYSE: CHWY): Sept. 16, $34 PUT.
    • First Solar Inc. (Nasdaq: FSLR): Sept. 2, $102 CALL. 
    • American Airlines Group Inc. (Nasdaq: AAL): June 16, 2023, $15 CALL.
    • Micron Technology Inc. (Nasdaq: MU): Sept. 16, $56 PUT.

And to find out how I trade wires like these over the weekend, check out my Wiretap Alerts strategy!

P.S. We thought we’d seen just about everything inside the financial markets…

But this is on a whole new level!

In the past few years, these tiny arrows have made some incredible calls in the stock market…

And now, they’re causing a big stir!

See How It Works

Blitz Daily With Lance Ippolitto

At Weekly Blitz Alerts, we follow the big fish and what they’re buying. And we do that with my proprietary Blitz Tracker, which alerts me to big, institutional options order flow throughout the day. Then we get in on these plays and follow the “smart money.”  

By doing this, we cash in whether the broader market is going up, down or sideways. 

The Blitz Daily with Lance Ippolito is where I go over a handful of options trades that hit my Blitz Tracker each day, Monday through Thursday. I will break down the trade with the sexiest order flow and tell you exactly what I think can happen with that stock by the next day’s opening bell. 

If you want in on these fast-moving options plays, with entry, exit and profit targets sent directly to you via text and email alerts, be sure to sign up for Weekly Blitz Alerts!  

In the meantime, you can follow me @LanceIppolito on Twitter, Instagram and our YouTube channel for more trading insights and tips. And as always, you can find me right here talking stocks and options trading — and printing money — on WealthPress.com!

WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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