loader image

Bears Pounce After Retail Giant Misses Target

by | Nov 16, 2022 | Options

In Wednesday’s Blitz Daily with Lance Ippolito, we take a look at apparel retail giant Foot Locker ahead of its Nov. 18 earnings event.

Retail sales figures for October came in above expectations, but don’t tell that to Target Corp. (NYSE: TGT) investors…

The discount department store chain reported earnings of $1.54 per share before Wednesday’s open — far short of the $2.17 expected by analysts for the third quarter.

The company cited soft inflation-driven demand, and $400 million in lost inventory as the leading culprits for its paltry performance… And TGT tanked as much as $30 a share — about 17% — before rising off the day’s lows. 

The news dragged stocks down as traders adjusted their risk, with a surge of bearish bets across the sector.

Among the retailers seeing repeat put buying Wednesday was our old friend Foot Locker, whose shares dipped as much as 9.1% from Tuesday’s closing price.

Foot Locker Chart (Blitz Daily With Lance Ippolito)

Wondering what those little arrows mean and how they can help improve your trading? Get the details here!

My scanners spotted one big-money bear scoop up over 1,400 contracts of the Dec. 16 expiration, $30 strike puts for more than $250,000 in premium!

Of course, that’s not the only outsized order flow hitting Wednesday’s tape…

  • Tattooed Chef Inc. (Nasdaq: TTCF): April 21, 2023, $2.50 PUT.
  • Bilibili Inc. (Nasdaq: BILI)): Dec. 2, $16.50 PUT.
  • Foot Locker Inc. (NYSE: FL): Dec. 18, $30 PUT; $27.50 PUT.

Check out my short video as I break down the day’s most unusual options order flow in no time flat! 

P.S. Did You Miss Roger’s Live Training?

The volatility we’re likely to see in the coming weeks could make the past year look tame…

That’s why Senior Strategist Roger Scott just held a special, live class to share the five market entry signals every trader should know.

He showed how to use them, pull historic win rates, profit factors and so much more… all in this no-cost session!

Watch the Session Here

Blitz Daily With Lance Ippolito

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

The Blitz Daily with Lance Ippolito is where I go over a few options trades that hit the Blitz Scanner each day, Monday through Thursday. I break down the trades with the sexiest order flow and tell you what could happen with those stocks by the next day’s opening bell.*

If you want in on these explosive options plays, be sure to sign up for Weekly Blitz Alerts! We send entry, profit targets and exits directly to you via text and email 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 on WealthPress.com!

*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

 

WRITTEN BY<br>Lance Ippolito

WRITTEN BY
Lance Ippolito

What to read next

Have any questions? Contact Our Customer Service Team