Verizon Communications Inc. (NYSE:VZ) earlier reported a first-quarter earnings beat, though revenue missed the mark. The company also a saw much smaller-than-expected loss of wireless phone subscribers. The security is down 1.7% to trade at $39.82 at last check, despite surging above resistance form the 20-day moving average earlier in the session.
The security still sports a 7.3% lead for 2024, thanks to its run up to an April 4, 52-week high of $43.42. Though shares are today looking to snap a three-day win streak, the $39 region has served as a floor for the shares multiple times since the beginning of the year.
The equity's 50-day call/put volume ratio of 2.59 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ranks higher than 88% of readings from the past year. In simpler terms, calls have been more popular than usual in the options pits in the past 10 weeks.
Drilling down to today's options activity, 36,000 calls and 14,000 puts have traded so far, which is six times the intraday average volume. The weekly 4/26 42-strike call is the most popular contract, followed by the 41.50-strike call in that same series, with positions being opened at both.
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