27% profit every 20 days?
This is what Nic Chahine averages with his option 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.
Midway through trading Wednesday, the Dow traded down 1.18 percent to 20,732.68 while the NASDAQ declined 1.70 percent to 6,065.22. The S&P also fell, dropping 1.13 percent to 2,373.50.
Leading and Lagging Sectors
Utilities sector was the top gainer in the US market on Wednesday. Top gainers in the sector included National Grid plc (ADR) (NYSE:NGG), Public Service Enterprise Group Inc. (NYSE:PEG), and Calpine Corporation (NYSE:CPN).
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!
In trading on Wednesday, technology shares fell 1.53 percent. Meanwhile, top losers in the sector included NeoPhotonics Corp (NYSE:NPTN), down 10 percent, and AXT Inc (NASDAQ:AXTI), down 7 percent.
Top Headline
Target Corporation (NYSE:TGT) reported stronger-than-expected results for its first quarter.
Target, the second-largest discount retailer in the U.S., earned $1.21 per share in the first quarter on revenue of $16.02 billion; Analysts were expecting the company to earn $0.91 per share on revenue of $15.62 billion.
Net earnings for the quarter rose from $632 million a year ago to $681 million, while comparable sales fell just 1.3 percent; Analysts were expecting a decrease as much as -3.7 percent. Target guided its second-quarter earnings per share to a range of $0.95 to $1.15 versus $1.00 per share Wall Street analysts were already expecting.
Equities Trading UP
Cemtrex Inc (NASDAQ:CETX) shares shot up 31 percent to $4.13 after the company disclosed that it has received over $21 million in new orders in April.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Shares of Syndax Pharmaceuticals Inc (NASDAQ:SNDX) got a boost, shooting up 49 percent to $13.97 after the company reported the advancement of ENCORE 601 in non-small cell lung cancer patients with disease progression on or after PD-1 therapies.
Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) shares were also up, gaining 17 percent to $67.95 as the company reported upbeat results for its first quarter.
Equities Trading DOWN
bebe stores, inc. (NASDAQ:BEBE) shares dropped 26 percent to $3.85. bebe stores will reportedly license www.bebe.com domain name, social media accts. and international wholesale agreements to one or more third parties, according to Reuters.
Shares of Continental Materials Corporation (NYSE:CUO) were down 16 percent to $20.95. Continental Materials reported a Q1 loss of $0.25 per share on sales of $34.103 million.
Photronics, Inc. (NASDAQ:PLAB) was down, falling around 12 percent to $10.23 after the company reported downbeat Q2 results and issued a weak forecast for the current quarter.
Commodities
In commodity news, oil traded up 1.27 percent to $49.26 while gold traded up 1.87 percent to $1,259.50.
Silver traded up 1.57 percent Wednesday to $17.01, while copper fell 0.24 percent to $2.5445.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 fell 1.38 percent, the Spanish Ibex Index declined 1.89 percent, while Italy’s FTSE MIB Index dipped 2.35 percent. Meanwhile the German DAX declined 1.58 percent, and the French CAC 40 slipped 1.91 percent while U.K. shares fell 0.21 percent.
Economics
Domestic crude supplies dropped 1.75 million barrels for the week ended May 12, the U.S. Energy Information Administration Wednesday reported. However, analysts were expecting a decline of 2.36 million barrels. Gasoline stockpiles slipped 413,000 barrels, while distillate stockpiles fell 1.94 million barrels last week.
27% profit every 20 days?
This is what Nic Chahine averages with his option 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.