This Strategist Noted Options Activity In FedEx Ahead Of Earnings
Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan discussed FedEx Corporation (NYSE: FDX) options trading ahead of its earnings release.
On Monday, Kinahan observed a significant sale of March $180 Calls and noted the stock had a strong rally.
Kinahan cautioned that just because Call options were being sold it should not be automatically interpreted as a bearish sign.
"It may be somebody saying, ‘I'm going to take profits rather than wait for earnings, take my risk off the table and put money in my pocket,'" Kinahan said.
Kinahan concluded his remarks by stating that it can be difficult to say for a certainty if such a trade was bearish or bullish.
Ahead of its earnings release Wednesday morning, FedEx traded at $177.90, up 0.33 percent.
Kevin Riley and Brianna Valleskey contributed to this report.
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