The shipping giant’s options pits are seeing 15 times the intraday average volume
The shares of FedEx Corporation (NYSE:FDX) are trading at nearly three-year highs today after earnings, last seen up 14.2% at $292.78. The shipping firm reported fiscal fourth-quarter adjusted earnings of $5.41 per share on revenue of $22.11 billion, both of which beat Wall Street’s estimates, and a 16% drop in capital spending.
As a result, FDX is seeing enhanced options activity, with 99,000 calls and 62,000 puts traded so far — 15 times the volume that’s typically seen at this point. Most popular is the September 300 call, followed respectively by the weekly 6/28 300- and 290-strike call, with new positions being bought to open at all three.
The security is on track for its best single-session percentage gain since June 2022, and has also broken above the $291 level that capped a mid-March, post-earnings surge on the charts. Looking more near-term, FedEx stock now carries a more than 16% year-to-date gain.
Today’s bullish options activity mirrors recent sentiment. According to the security’s 50-day call/put volume ratio of 1.74 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands in the 94th percentile of annual readings. This means that over the last 10 weeks, options traders were overwhelmingly bullish.