Shares of Ulta Beauty Inc (NASDAQ:ULTA) are down 3.3% at $342.97 at last check, as investors brace for the company’s fourth-quarter earnings report, set for release after the close on Thursday, March 13. Analysts expect the retailer to share earnings of $7.05 per share, marking a 12.8% decline from the prior year, while revenue is projected at $3.46 billion, a 2.8% drop year-over-year. For fiscal 2024, the top line is expected to tick up 0.5% to $11.26 billion.

Ulta Beauty’s post-earnings history has been mixed, with the stock finishing higher after four of its last eight next-day sessions, including a 9% jump back in December. This time around, options traders anticipate an 11.3% swing, regardless of direction, nearly double its 6.1% two-year average move.

On the charts, ULTA is cooling from its Jan. 7 surge to $460, its highest level since April. Losses accelerated in early February, when the 20-day moving average began acting as resistance. With just two weekly wins on the board for 2025, Ulta Beauty stock is now down 20.8% for the year.

Options traders remain bullish ahead of the event, as evidenced by the stock’s 50-day call/put volume ratio of 2.01 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) — a reading that sits in the 90th percentile of its annual range. This means long calls are being picked up at a faster-than-usual clip.

Analyst sentiment remains divided, with 12 of 28 in coverage rating the stock a “strong buy”, two a “buy”, and 13 a “hold”, while one firm calls it a “strong sell”. Meanwhile, short interest has increased 10.2% in the last two reporting periods, with the shares sold short now accounting for 5.9% of ULTA’s total available float.

The Dow Jones Industrial Average (DJI) was last seen down triple digits, after President Donald Trump said he would hike Canadian steel and aluminum tariffs to 50% from 25%, effective tomorrow. The S&P 500 Index (SPX) is also lower as traders weigh economic concerns following Trump's latest comments, while the Nasdaq Composite (IXIC) is modestly higher after yesterday marking its worst loss since 2022.

Continue reading for more on today's market, including: 

• Why Lennar stock could see more bear notes.
• 2 retail stocks in hot water after profit warnings.
• Plus, tech stock eyes worst day ever; investors buy CRWD's dip; and why EXPE is sinking.

Asana Inc (NYSE:ASAN) is seeing unusual options activity today, with 4,747 calls and 9,124 puts traded so far, which is 8 times the intraday average volume. The most active contract is the weekly 3/14 14-strike put. ASAN is down 27.7% to trade at $12.06 at last glance, brushing off a fourth-quarter earnings and revenue beat as it paces for its worst day on record. Today's negative price action follows weak guidance and news that CEO Dustin Moskovitz will retire. ASAN earlier hit its lowest level since December, and shed 40.8% so far in 2025.

CrowdStrike Holdings Inc(NASDAQ:CRWD) stock is one of the best SPX components today, last seen up 4.7% to trade at $323.43. Traders look to be buying the dip, after the stock yesterday hit its lowest level since November as it extended a pullback from its Feb. 19, record high of $455.59. Shares added 29.8% in the last six months, and are on track to snap a five-day losing streak following their break below the 220-day moving average.

Expedia Group Inc (NASDAQ:EXPE) is one of the worst stocks on the SPX today, last seen down 7.9% at $162.75 after Delta Air Lines (DAL) lowered its outlook, citing weak domestic travel demand. EXPE is eyeing its worst single-day percentage loss since May, and could today notch its third negative session in four. EXPE is also trading at its lowest level since November, despite notching a Feb. 10, four-year high of $207.74 and sporting an 18.2% year-over-year lead.

Retail earnings are in focus this week ahead of Friday's consumer confidence data. As stock market sentiment shifts beneath investors' feet, both Kohl's Corp (NYSE:KSS) and Dick's Sporting Goods Inc (NYSE:DKS) issued disappointing 2025 guidance that is overshadowing robust current-quarter numbers.

Kohl's stock is brushing off upbeat fourth-quarter earnings and revenue numbers on dismal annual sales and profit guidance, down 16.6% at $10.02 at last glance and earlier hitting a 28-year low of $9.88. Year over year, the security is down 27.7%.

Over in the options pits, KSS has seen 14,000 calls and 12,000 puts exchanged so far -- five times the options volume typically seen at this point. The December 7.50 call is the most popular, where new positions are being bought to open. 

Dick's Sporting Goods stock is similarly brushing off a strong fourth quarter after its lower-than-expected sales guidance, though the stock isn't faring quite as badly -- down 0.3% at $210.43 at last check. The equity is down 8% since the start of 2025, but still holding on to a 16% year-over-year lead. 

DKS has seen 2,249 calls and 3,228 puts cross the tape, six times the options volume typically seen at this point. The March 200 put is the most popular, followed by the March 205 put, with new positions being bought to open at the latter. 

KBW downgraded Lennar Corp(NYSE:LEN) stock to "market perform" from "outperform," and cut its price target to $141 to $152. In response, the stock was last seen down 1.2% to trade at $123.63 at last check.

Coming into today, 12 of the 19 analysts in coverage already rated LEN a "hold." However, the equity's 12-month consensus target price of $152.51 represents a 22% premium to current levels, suggesting there's still room for price-target cuts.

The shares carry a 20.7% year-over-year deficit, and have struggled to break above the $130 level since December. This region yesterday rejected the security's bounce off its March 4, 52-week low of $116.67 to their highest level since February, with added pressure form the 40-day moving average.

The options pits already lean bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Lennar stock sports 50-day put/call volume ratio of 1.02 that sits higher than 86% of readings from the past 12 months.

Delta Air Lines (NYSE:DAL) and Southwest Airlines (NYSE:LUV) are making headlines today after issuing key updates.

Delta Air Lines stock was last seen trading 4.3% lower at $48.15, after slashing its first-quarter revenue and earnings guidance, citing weak domestic demand. The airline now expects revenue growth of no more than 5%, down from its previous 6%-8% estimate, and adjusted earnings between 30 and 50 cents per share, well below its prior 70 cents to $1 forecast. Since the start of 2025, DAL has taken a 19% haircut.

In response, UBS cut its price target on the equity to $77 from $90. Options traders are turning bearish as well, with 7,110 puts traded already today -- triple the average intraday volume. Most popular is the March 50 put, while new positions are being sold to open at the second most active contract, the weekly 3/14 46-strike put.

At last glance, Southwest Airlines stock was up 9% at $30.72, after announcing major policy changes, including baggage fees and a new basic economy fare, following pressure from activist investor Elliott Investment Management. The shift marks a significant strategy change for the budget airline, which has long differentiated itself with free checked bags and simple fare structures. Despite today's surge, LUV still sports a 6.2% year-to-date deficit.

Southwest Airlines stock is also seeing higher-than-usual options activity after earnings. So far, 6,749 calls and 8,916 puts have been exchanged, which is 9 times the amount typically seen at this point in any given session. New positions are being sold to open at the most active April 30 put.

Personal styling service Stitch Fix Inc (NASDAQ:SFIX) will report fiscal second-quarter earnings results after the close on March 11. Analysts anticipate losses of 11 cents per share, an improvement from the 21-cent losses from the same quarter a year ago. On the charts, SFIX was last seen down 3.4% at $4.09 amid the broader market selloff, adding to its 5% year-to-date deficit. Year over year, the shares are still up 64%.

SFIX has a split earnings history, finishing two post-earnings sessions higher in 2024 and two in 2023. The stock has averaged a large 22.3% next-day move, regardless of direction, over these past two years, and the options pits are pricing in a 32.7% next-day swing this time around. 

American Eagle Outfitters Inc (NYSE:AEO) will report fourth-quarter earnings after the close on March 12. Zacks Research anticipates earnings of 50 cents per share, which reflects an 18.03% decrease from the same quarter last year. AEO was down 4.9% at $12.20 at last glance, nearing its recent March 5, 52-week low of $11.60. Year to date, the equity is down 26.7%. 

AEO has a staggeringly dismal post-earnings history, finishing only one next-day session higher over the last two years (March of 2023). The stock has averaged a 7.4% post-earnings, regardless of direction, which is smaller than the 16.7% move the options pits are pricing in this time around. 

Hilton Hotels Corporation (NYSE:HLT) stock is pulling back alongside the broader market, last seen down 3.3% to trade at $238.95, and on track for its sixth consecutive daily loss. Shares still boast a 16.1% year-over-year lead, however, and just notched a Feb. 13, record high of $275.22. Even better, this recent drawdown placed HLT near a trendline with historically bullish implications.

Per Schaeffer's Senior Quantitative Analyst Rocky White, Hilton Hotels stock is now within striking distance of its 126-day moving average (representing half a years worth of trading), a move that has typically resulted in positive returns. This follows a prolonged period above this trendline (defined by White as 80% of the time in the past two months and eight of the last 10 trading days). A similar move occurred six times over the last three years, after which HLT was higher one month later each time, averaging a 5.5% gain. 

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HLT'S 50-day call/put volume ratio ratio of 10.16 ranks higher than 80% of annuals readings. This indicates options traders have been much more bullish than usual in the last 10 weeks.

The brokerage bunch, on the other hand, still leans bearish. Of the 23 firms in coverage, 14 still call Hilton Hotels stock a "hold," suggesting there is plenty of room for upgrades that could provide tailwinds.  

Shares of Broadcom Inc (NASDAQ:AVGO) are 5.8% lower to trade at $183.66 this afternoon, struggling to regain momentum after hitting its record peak of $251.88 on Dec. 16. The equity is extending its pullback, brushing off last week's 8.6% post-earnings pop. The previously resistant 200-day moving average and $180 level have emerged as support, mitigating losses for the stock's now 20% year-to-date deficit.

In response, the stock once again made its way onto Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks with the highest options volume in the past 10 days. In this period, 2,759,357 calls and 1,936,268 puts were exchanged, with most activity at the weekly 3/7 200-strike call. What's more, the top six open interest (OI) positions over the past two weeks were calls. 

Put traders have been more active in the short term, however, given the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.08, which sits in the 94th percentile of readings in its annual range. There is also ample room for bear notes, given 30 of 33 covering analysts sport a "strong buy" recommendation on the shares.

Now could be an opportune time to speculate on AVGO’s next move via options. Schaeffer’s Volatility Index (SVI) of 54% sits in the 12th percentile of annual readings, suggesting options traders are currently pricing in lower volatility expectations.