Target Is Hiring — And Options Bulls Are Buying
Target is hiring and the bulls are buying.
Ahead of its earnings report in mid-August, the retailer has announced plans to add 6,300 employees. Some early birds have jumped in to buy more than 6,000 August 50 calls for $1.63.
TGT ended the session down 0.98 percent to $50.59. (See tickerfor today's quotes.) It had leapt higher earlier in the month after reporting strong same-store sales for June.
Target's calls outpaced the puts by about 13,000 to 3,600, and overall option volume was twice the average amount, making it a bullish day overall.
For the calls bought yesterday to turn a profit, the shares would need to gain roughly 2 percent by expiration on Aug. 19. The company is scheduled to release its second-quarter results two days earlier, on the morning of Aug. 17.
Najarian has no positions in TGT.
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