2 Tech Stocks Making Outsized Post-Earnings Moves

Fastly and Qualcomm both announced their earnings results

Tech names Fastly Inc (NYSE:FSLY) and Qualcomm Inc (NASDAQ:QCOM) just announced their earnings results, with staggeringly different outcomes for the stocks. 

Cloud stock FSLY is down 34.3% at $8.50 at last glance, trading at 52-week lows and on track for its worst single-session percentage loss ever. The company announced mixed first-quarter results, with wider-than-expected losses per share alongside a revenue beat, and lowered its full-year revenue forecast. 

BofA Global Research downgraded Fastly stock to “underperform” from “buy” after the event, cutting its price target to $8 from $18, while no fewer than four other analysts slashed their price objectives. Options traders are chiming in as well, with the 23,000 calls and 17,000 puts exchanged so far already representing 3.3 times the average daily volume. The weekly 5/3 8.50-strike call is the most popular, where new positions are being opened. 

Qualcomm stock, meanwhile, is up 10.3% at $181.00, after strong fiscal second-quarter results. The semiconductor giant also lifted its third-quarter revenue forecast, due to improving demand in China. To follow, fewer than nine analysts lifted their price targets, with the highest from Bernstein to $220. 

Today’s pop has QCOM trading at two-year highs, jumping above pressure at the 40-day moving average at the $170 level. Since the start of the year, the equity is up roughly 24%. 

So far today, Qualcomm stock has seen 98,000 calls and 53,000 puts cross the tape, which is all together 3.6 times the average daily options volume. The weekly 5/3 180-strike call is the most active contract, where new positions are opening. 

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