McDonald's Corp (NYSE:MCD) is the latest blue chip to announce earnings. The fast food name shared better-than-expected second-quarter results amid rebounding sales in China, with its Grimace Birthday Meal experiencing success as well. In turn, same-store sales for the quarter rose 11.7%.
The options pits are already chiming in, with 22,000 calls and 11,000 puts exchanged so far, which is five times the volume that is typically seen at this point. Most popular is the weekly 7/28 305-strike call, followed by the 300-strike call in that series, both of which will expire at the close tomorrow.
At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MCD'S 50-day call/put volume ratio of 2.16 sits higher than 99% of readings from the last 12 months. This indicates long calls have been getting picked up at a quicker-than-usual clip.
MCD is up 1.8% at $296.99 at last check, bouncing off support from the 80-day moving average after taking a breather from its July 21, record high of $299.35. The shares are looking to snap a four-day losing streak today, and sport a 12.7% year-over-year lead.
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