TD Ameritrade Chief Strategist On Workday: Expect A $6 Move Post Earnings

is scheduled to report its first quarter results on Tuesday after market close. The

consensus estimate (based on 20 estimates) is expecting the company to report a loss of $0.07 per share in its quarterly report on revenue of $246.26 million. This compares to the Wall Street consensus estimate that is calling for a loss of $0.08 per share on revenue of $244.71 million. Speaking to Benzinga, TD Ameritrade's Chief Strategist JJ Kinahan noted that his calculations indicate shares of Workday are expected to move $6 in either direction following the company's announcement of its first quarter results. Shares of Workday were recently trading at $92.41, up 0.25 percent on the day. A $6 move in shares implies a roughly 6.5 percent swing. "Current implied volatility is at approximately 61 percentile, that's a little a bit elevated," Kinahan told Benzinga in an interview on Tuesday. "We do see about two times the normal amount of calls trading." Kinahan added that "more interestingly" is the fact that he is also observing two and a half times the normal amount of put buying, specifically the May $89 chain. "So obviously, people are protecting the downside," Kinahan concluded. The last time Workday reported its quarterly results was on February 25. At that time, the company lost $0.06 per share, equaling analyst expectations. On the other hand, revenue of $226.27 million were better than the $222.83 million analysts were expecting. Following the company's results, analysts at Cantor Fitzgerald