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Bulls Bet on Social Media Bounce Ahead of Big Tech Earnings

by | Oct 24, 2022 | Options

In Monday’s Blitz Daily with Lance Ippolito, we take a look at social media site Pinterest as the company gets ready for its Oct.27 earnings event.

We are firmly in the swing of earnings season, and we have a lineup of tech titans ready to report this week that could shake up the markets in a big way…

As a result, we saw a flood of earnings options flow roll across the wire Monday, including some degenerate bets in beaten-down social media names.

Several popular tech media platforms were dragged down this past week by headlines surrounding potential Twitter Inc. (NYSE: TWTR) layoffs and lackluster earnings from Snap Inc. (NYSE: SNAP)…

The news helped shares of Pinterest plunge more than 6% to close out Friday’s trading…

PINS chart (Blitz Daily With Lance Ippolito)

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But one man’s sell-off is another man’s dip-buy opportunity, and at least a few bulls think the e-commerce company has room to run.

At 10:45 a.m. on the East Coast, my scanners spotted one bullish institutional buyer scooping up about 2,000 contracts of the Oct. 28 expiration, $22 strike calls for around $300,000 in premium!

Just look at all of the earnings plays hitting the tape…

  • Pinterest Inc. (NYSE: PINS): Oct. 28, $22 CALL.
  • General Motors Co. (NYSE: GM): Nov. 4, $32 PUT. 
  • Alphabet Inc. Class A (Nasdaq: GOOGL): Oct. 28, $105 CALL.
  • Corning Inc. (NYSE: GLW): Oct. 28, $31 PUT.
  • Cameco Corp. (NYSE: CCJ): Oct. 28, $24.50 CALL.

Stay tuned for more of this incredible earnings options order flow this week!

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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

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