PTON, NSC, and CHPT are all making big moves for a variety of reasons
ChargePoint Holdings Inc (NYSE:CHPT), Norfolk Southern Corp (NSE:NSC), Peloton Interactive Inc (NASDAQ:PTON) are all staging large swings today.
Peloton stock is making the most noise, last seen 22.7% lower at $4.30 after a mixed fiscal second-quarter report. While the fitness equipment maker’s revenue came in well above forecasts, its adjusted losses were a penny below expectations. What’s really weighing on PTON, however, is the company’s forecast for a much weaker-than-expected current quarter.
Options traders are pouncing on Peloton stock following the results. So far, 71,000 calls and 52,000 puts have crossed the tape, which is five times the intraday average amount. New positions are opening at the five most popular contracts, led by the weekly 2/2 4.50-strike put.
Conversely, shares of railroad name Norfolk Southern stock are 6.7% higher at $249.51 at last check, trading at more than 12-month highs. According to The Wall Street Journal, an investor group led by Ancora Holdings took a roughly $1 billion stake in the company. The group also nominated a majority slate of directors in an attempt to oust current CEO Alan Shaw.
NSC’s typically quiet options pits are also brimming with activity. The equity has seen 2,109 calls and 794 puts traded so far today — three times the intraday average volume. The February 240 call is the most popular contract, while new positions are opening at the January 2025 280-strike call.
Lastly, ChargePoint stock is up 6.1% at $2.02 at last glance, after TD Cowen raised its price target on the electric vehicle (EV) concern to $4 from $3. The equity is attempting to distance itself from a Jan. 19 all-time low of $1.56, though it remains nearly 14% lower in 2024.