Krispy Kreme’s Insomnia Cookies unit isn’t so sweet, after all
Krispy Kreme Inc (NASDAQ:DNUT) stock is cutting back on cookies. The doughnut giant is reportedly exploring alternatives for its Insomnia Cookies unit — acquired in 2018 — including an all-cash sale. The move comes as the company shifts focus back to its original product.
Shares are up 1.6% at $12.63 at last check, bucking today’s broader market slide. The $200 region contained the equity’s drop last week, which had it trading at its lowest level since January, while the 30-day moving average has acted as pressure since August. In 2023, DNUT is up 22.1%.
Long-term bullish bets are far outpacing bearish ones in the options pits, as data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows. In fact, DNUT’s 50-day call/put volume ratio of 4.46 ranks in the 75th annual percentile of annual readings.