PLTR and SHOP are eyeing their best single-day percentage gains since May
Lemonade Inc (NYSE:LMND), Palantir Technologies Inc (NYSE:PLTR), and Shopify Inc (NYSE:SHOP) are all surging today, following their respective earnings reports. The three companies saw better-than-expected results for the third quarter, with Palantir and Shopify benefiting from artificial intelligence (AI) tailwinds.
LMND is up 38.2% at $15.21 at last check, after the insurance concern also issued upbeat fiscal fourth-quarter guidance. The security is trading at its highest level since August, and on track for its best day on record, while sporting a 38.5% quarter-to-date lead.
Meanwhile, PLTR was last seen up 16.1% at $17.32, amid strong demand for its “AI bootcamps.” The $18 level is still pressuring shares, which are on track for their biggest single-day percentage jump since May. The equity has added a whopping 172.4% so far this year.
Finally, Shopify stock is up 21.4% at $59.25 at last glance, as the e-commerce name’s cost-control measure aided a return to profit. The shares are eyeing its first close above the 80-day moving average since September, and also set for their best day since May. SHOP boasts 70.8% lead for 2023.
Options bulls are chiming in on all three stocks, with calls winning over put volume several times over. For LMND, the most popular contract is the 11/3 12.50-strike call, while the 60-and 18.50-strike calls in that same weekly series are the most active for SHOP and PLTR, respectively. Positions are also being opened on all three, which means traders expect additional upside before these contracts expire at the close tomorrow.
Image and article originally from www.schaeffersresearch.com. Read the original article here.