Starbucks maintained its full-year forecast
Starbucks Corp (NASDAQ:SBUX) is slipping today, after the coffee giant maintained a conservative 2023 forecast, expecting "meaningfully slower growth" in the current quarter. However, the company beat both earnings and revenue expectations in its fiscal second-quarter results. No fewer than four analysts lifted their price targets after the earnings event, though two also chimed in with price-target cuts.
At last glance, SBUX was down 7.6% at $105.81. This bear gap has the stock further removing itself from its May 1 one-year high of $115.48, though still up 6.5% year-to-date. Longer term, the equity's 140-day moving average captured its March pullback before its recent tally, and still lingers below as potential support.
Options traders have been much more bullish than usual, per SBUX's 50-day call/put volume ratio of 3.29 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 96% of readings from the past year.
So far today, 50,000 calls and 45,000 puts have been exchanged, which is eight times the intraday average amount. The weekly 5/5 105-strike put and weekly 5/5 110-strike call are the most popular, with new positions opening at both.