Exxon Mobil Corp
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Energy : Oil, Gas & Consumable Fuels | Large Cap Value
Company profile

Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Company also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products. The Company's segments include Upstream, Downstream, Chemical, and Corporate and Financing. The Upstream segment operates to explore for and produce crude oil and natural gas. The Downstream operates to manufacture and sell petroleum products. The Chemical segment operates to manufacture and sell petrochemicals. The Company has exploration and development activities in projects located in the United States, Canada/South America, Europe, Africa, Asia and Australia/Oceania.

Postmarket

Last Trade
Delayed
$34.27
-0.0102 (-0.03%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$34.28
Day's Change
-1.03 (-2.92%)
Bid
--
Ask
--
B/A Size
--
Day's High
35.11
Day's Low
33.99
Volume
(Light)
Volume:
20,263,173

10-day average volume:
29,377,504
20,263,173

UPDATE: Netflix stock options traders are ready for a big move after earnings

10:14 am ET July 16, 2020 (MarketWatch)
Print

By Tomi Kilgore, MarketWatch

Straddles imply the stock could either soar or tumble by almost 13% on Friday

Traders of Netflix Inc. stock options are prepared for a big move on Friday, in reaction to the streaming video giant's much anticipated earnings report.

Netflix's stock(NFLX) has been on a roll this year, as many see the company as a beneficiary of stay-at-home and other lockdown measures put in place to combat the COVID-19 pandemic. Investors get a peek into how much the company has actually benefited when it reports second-quarter results after Thursday's closing bell.

Analysts surveyed by FactSet are expecting a profit of $1.82 a share, on average, on revenue of $6.09 billion and paid net subscriber additions of 8.22 million.

Don't miss: Netflix pulled off a showstopper early in the pandemic, but will the sequel deserve the price? (http://www.marketwatch.com/story/netflix-in-the-age-of-covid-19-streaming-pioneer-may-have-new-edge-on-competition-2020-04-07)

One way to gauge expectations on how much a stock is expected to move in reaction to earnings is through an options strategy known as a straddle, which involves the simultaneous purchase of one bullish (calls) and bearish (puts) options with strikes around current, or "at-the-money" prices, that expire at the end of the week.

Straddles are pure volatility plays and not directional, as buyers are looking to make money if the stock moves more than expected, in either direction. Options market makers use historical and implied volatilities to price straddles. Betting on them is similar to betting on over-under lines for a score to a game, rather than betting on a winner or loser of the game.

Netflix's stock fell 1.0% in morning trading Thursday, putting it on track to suffer a fourth-straight loss since closing at a record $548.73 on July 10. It has still soared 60.1% year to date, compared with the S&P 500 index's 0.8% decline.

As of Thursday morning, Netflix options implied a 12.8% move in either direction on Friday, according to Garrett DeSimone, head quant at OptionMetrics.

That compares with the average one-day post-earnings move of 4.4% over the past eight quarters, and 7.9% over the past 21 quarters, according to a MarketWatch analysis of FactSet data.

"The large premium in options is likely fueled by recent euphoria for the tech sector and momentum, much of which is driven by the retail trade," DeSimone said.

Netflix's stock has declined on the day after the past two earnings reports, and after five of the past six reports. Over the past 21 quarters, the stock has declined 12 times by an average of 5.5%, and has gained nine times by an average of 11.1%.

Based on the current price of $518.07, Neftlix's stock would have to close Friday above about $584.38 or below $451.76 for the buyer of a straddle for Friday expiry to make money.

Otherwise, the house wins.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 16, 2020 10:14 ET (14:14 GMT)

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