27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
Zillow Group Inc (NASDAQ:Z) (NASDAQ:ZG) reported a 90% decline in revenue year-over-year for the first quarter of 2023 amid the still tumultuous housing market.
The historic decline was primarily attributed to the company's planned shift away from home-flipping, which was already priced into its shares. Despite this, the reported net sales for the quarter reached $469 million, exceeding analysts' estimates of $425 million.
Zillow's earnings also beat the Street's predictions, reporting earnings of 35 cents per share after adjusting for stock compensation and other factors.
Read also: Homebuilder Confidence On The Rise, And So Are Their Stock Prices
On the other hand, Apollo Global Management's Anywhere Real Estate Inc. (NYSE:HOUS), which owns major real estate brands including Coldwell Banker, Century 21 Real Estate, and Better Homes and Gardens Real Estate, saw its shares plummet by almost 15% following the company's quarterly earnings report.
Anywhere reported losses of $1.61 per share, significantly higher than the expected 79 cents per share loss, and also missed analyst estimates on revenue with $1.13 billion versus an estimate of $1.14 billion.
Looking ahead, Seattle-based Redfin Corp. (NASDAQ:RDFN) is set to report its earnings after the closing bell on Thursday. Analysts expect Redfin to report losses of $1 per share on revenues of $314.5 million.
The spring homebuying season has yet to get hot, and it may not get there. Mortgage rates increased by 15 basis points in April, while pending and existing home sales slumped in March.
Although the median existing-home sales price edged lower year-over-year for the second consecutive month, nationwide price declines are unlikely as tight inventory issues continue to keep prices high, perpetuating affordability challenges.
The nation's housing supply remains limited, partly due to those who purchased homes in recent years at record-low interest rates staying put due to the lock-in effect.
Price Check: Shares of Zillow were up 10% at $46.62, while Anywhere Real Estate's stock was down 16% to $4.91 at the time of publication on Thursday.
Read next: Move To Texas? Cheap Housing Is Fading Fast In 4 Major Lone Star Cities
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!