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Bears Take $1.2M Bite Out of Apple as Tech Names Tank

by | Oct 27, 2022 | Options

In Thursday’s Blitz Daily with Lance Ippolito, we take another look at tech titan Apple ahead of its earnings report after the close.

The S&P 500 is treading water Thursday after another round of disappointing earnings from the FAANG names.

Shares of Facebook parent company Meta Platforms Inc. (Nasdaq: META) plunged more than 24% after revenue dipped for the second consecutive quarter… Meanwhile, sales growth continued to slow for Google parent Alphabet Inc (Nasdaq: GOOG).

This week’s string of disappointments from the top tech names have emboldened bearish sentiment across the sector, as Amazon is set to report along with Apple after the bell Thursday.

Apple Chart (Blitz Daily With Lance Ippolito)

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

An hour into the open, my scanners picked up a HUGE downside bet in Apple when an institutional trader swept up about 1,400 contracts of the Nov. 11 expiration, $152.50 strike puts for over $1.2 million in premium!

Of course, Apple isn’t the only tech stock lighting up Thursday’s tape…

  • Peabody Energy Inc. (NYSE: BTU): Nov. 18, $24 CALL.
  • Apple Inc. (Nasdaq: AAPL): Nov. 11, $152 PUT. 
  • Amazon.com Inc. (Nasdaq: AMZN): Oct. 28, $110 PUT. 

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

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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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