CSX found a floor at the $32 level in mid-June
CSX Corp (NASDAQ:CSX) stock is up 4% at $34.31 at last glance, after the company’s second-quarter results. The transportation name announced earnings of 49 cents per share, beating analyst estimates of 48 cents, while revenue of $3.70 billion came in line with estimates. The Royal Bank of Canada reaffirmed its “sector perform” rating after the event.
CSX has traded choppily since mid-June, with a firm floor at the $32 level that caught multiple pullbacks. Today’s bounce could’ve already been in the cards, per the equity’s 14-day relative strength index (RSI) of 26.8, which sits in “oversold” territory. Year to date, CSX is still just barely in the red with a 1.1% deficit.
Over in the options pits, 1,629 calls and 1,152 puts have been exchanged. And though calls are winning out on an absolute basis, put volume is running at double the intraday average volume. The weekly 8/9 31-strike put is the most popular, followed by the January 2025 37.50-strike call.