Trade Alert: Earnings, 5/16/2023

Our next two earnings trades for this week. Both of these are bearish bets.

This business is a client of one of the companies we’re betting against today.

Another Bite At The Apple

Before we get to today’s earnings trades, a quick update about a regional bank we bet against recently, Fulton Financial Corporation ( FULT 7.59%↑ ).

Shares of FULT spiked yesterday and are up fractionally today as I type this. If you didn’t get a chance to enter our FULT trade at the beginning of the month, if those gains hold, you might be able to place the same one today (albeit, at a higher net debit than I got when I entered. If I were entering this trade today, I wouldn’t want to pay a net debit greater than $0.50 for it.).

Earnings Trades

This week we’re placing earnings trades no earlier than the day before earnings (if it’s before market open) or the day of earnings (if it’s after market close). That way, we’ll be able to take into account the price action immediately before earnings when structuring our trades. We’ve got two trades for today, both bets against companies reporting before the open Wednesday.

Details below.