DELL is trading at a record high after the tech giant’s second-quarter beat-and-raise
Earnings season produced one last big winner this week, with Dell Technologies Inc (NYSE:DELL) last seen 21.8% higher to trade at $68.27. The tech company reported second-quarter adjusted earnings per share of $1.74 on revenue of $22.93, both of which topped analyst expectations. The big kicker was a raised annual forecast, with the artificial intelligence (AI) boom credited for the upbeat guidance.
Dell stock hit a record high of $70.28 out of the gate and is on track for its best single-session gain of all time. Fueling today’s breakout are 12 price-target hikes, the highest coming from $75 to $65 at Wells Fargo. DELL is now up 69% in 2023, with the shares’ 40-day moving average containing pullbacks throughout the summer.
Unsurprisingly, DELL’s options pits are churning today. At last check, 19,000 calls have changed hands, volume that’s 43 times the average intraday amount. The weekly 9/1 72-strike call is seeing new positions sold to open, while the September 60 call is seeing notable activity as well.
Options are an intriguing route at the moment, per the equity’s Schaeffer’s Volatility Scorecard (SVS) tally of 78 out of 100.This implies DELL tends to outperform said volatility expectations.
Image and article originally from www.schaeffersresearch.com. Read the original article here.