Schaeffer's Top Stock Picks for '25

Uber Stock Stumbles After Dismal Bookings Figures

Intraday options volume is running at double the average amount

Deputy Editor
Oct 31, 2024 at 10:41 AM
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Uber Technologies Inc (NYSE:UBER) stock is 9.3% lower at $72.03 after earnings. The ride-sharing company's third-quarter earnings per share of $1.20 and $11.19 billion in revenue trounced analysts' estimates, but the reported $40.97 billion in gross bookings was well below the $41.25 billion estimates, which is dragging shares this morning.

In the options pits, 50,000 calls and 70,000 puts have been traded so far today, triple the average intraday volume. Most popular by far is the December 65 put, followed distantly by the 72-stirke put in the weekly 11/1 series.

Short-term options traders are more bearish than usual, too. This is per UBER's Schaeffer's put/call open interest ratio (SOIR) of 1.07, which stands in the highest possible percentile of readings from the past 12 months.

Today's drop puts Uber stock on track for its worst single-day percentage drop since October 2022, as well as a significant monthly loss. Shares are now down 3.5% for the quarter, but maintain a 17.8% year-to-date lead after an early October bull gap propelled them to an all-time high of $87.

 

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