Simplify Exchange Traded Funds Simplify US Equity PLUS Downside Convexity ETF (ARCA: SPD)

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Simplify Exchange Traded Funds Simplify US Equity PLUS Downside Convexity ETF

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The adviser seeks to achieve the fund's investment objective by investing primarily in equity securities of U.S. companies and applying a downside convexity option overlay strategy to the equity investments. Under normal circumstances, it invests at least 80 percent of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds. The downside convexity option overlay consists of purchasing exchange-traded and over the counter put options on the S&P 500 Index or an S&P 500 Index ETF.

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Pharma giant Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) <a href="https://www.investor.jnj.com/news/news-details/2024/Johnson--Johnson-seeks-U.S.-FDA-approval-of-SPRAVATO-esketamine-as-the-first-and-only-monotherapy-for-adults-with-treatment-resistant-depression/default.aspx" target="_blank" rel="noreferrer noopener">announced</a> Monday it had asked the Food and Drug Administration (FDA) to approve its nasal spray as a monotherapy for treatment-resistant depression (TRD) in adults.
The New Jersey-based company's Spravato, contains esketamine as an active ingredient, which is a nasal spray derivative formulation of a dissociative anesthetic, ketamine. While for years, ketamine has been used as an anesthetic in medical settings, recent clinical trials led to its broader application, most commonly for depression treatment.
FDA approved Spravato in 2019 but only in combination with oral antidepressants; it is available through a restricted program requiring monitoring by healthcare professionals. If the FDA approves the new drug application, this will be the first and only monotherapy for adults with treatment-resistant depression, <a href="https://www.greenmarketreport.com/johnson-johnson-requests-fda-nod-for-spravato-as-solo-depression-therapy/" target="_blank" rel="noreferrer noopener">writes</a> Green Market Report's Adam Jackson.
Nearly 30% of the estimated 280 million people worldwide living with major depressive disorder have TRD, which occurs when there is an inadequate response to two or more oral antidepressants during the same depressive episode.
Read Also:<a target="_blank" href="https://www.benzinga.com/general/health-care/24/01/36645584/is-ketamine-efficacious-for-depression-and-other-mental-health-conditions-the-top-10-studies-" rel="noreferrer noopener"> Is Ketamine Efficacious For Depression And Other Mental Health Conditions? The Top 10 Studies Of 2023 Shed Some Light</a>
<h2 class="wp-block-heading">More Than A Decade Of Research</h2>
&#8220;Many patients living with challenging-to-treat depression spend far too long cycling through multiple treatments that don&#8217;t effectively resolve their symptoms, which can cause a significant functional and emotional burden on patients and their loved ones,&#8221; stated Bill Martin, the head J&amp;J's neuroscience team. &#8220;We&#8217;re pleased to build on the more than a decade of research reinforcing the safety and efficacy of SPRAVATO and look forward to working with the FDA to bring this innovative treatment to patients as a monotherapy option.&#8221;
The application is supported by positive results from a Phase 4 study that showed Spravato, when used alone, produced "a rapid change in Montgomery-Asberg Depression Rating Scale total score as early as 24 hours after the first Spravato dose and sustained through at least 4 weeks of treatment," J&amp;J said.
To date, Spravato has been approved in 77 countries and administered to more than 100,000 people worldwide.
<h2 class="wp-block-heading">Strong Sales</h2>
J&amp;J recently reported its financial results revealing nearly 100% growth in Spravato sales year-over-year. While the company suppressed analyst forecasts by reporting adjusted earnings per share of $2.80 versus the consensus of $2.62 and raised full-year earnings guidance, Spravato's sales numbers stood out, <a target="_blank" href="https://www.benzinga.com/23/07/33310531/sales-of-johnson-johnson-esketamine-drug-spravato-rise-nearly-100-year-over-year" rel="noreferrer noopener">wrote</a> Shadd Dales for Benzinga.
In the U.S. and worldwide, year-over-year Spravato revenues grew 93.2% and 98.5%, respectively. Overall, Spravato&#8217;s growth was by far the strongest in Johnson &amp; Johnson's Neuroscience portfolio, easily topping CONCERTA (Methylphenidate) growth on a worldwide basis (28.6%).
<h2 class="wp-block-heading">Price Action</h2>
J&amp;J's shares traded 1.32 lower at $152.27 per share during Monday's mid-day session.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/04/38459615/first-patient-dosed-in-psychedelics-therapy-study-for-treatment-resistant-depression" target="_blank" rel="noreferrer noopener">First Patient Dosed In Psychedelics Therapy Study For Treatment-Resistant Depression</a></li>
</ul>
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Photo: Michael Vi via Shutterstock

Cannabis

Psychedelics

Pharma Giant Johnson & Johnson Asks FDA To Approve Esketamine Nasal Spray For Treatment-Resistant Depression

Invesco&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ivz#NYSE">IVZ</a>) second-quarter 2024 adjusted earnings of 43 cents per share surpassed the Zacks Consensus Estimate of 41 cents. The bottom line increased 38.7% from the prior-year quarter.
Results have been primarily aided by a decline in adjusted expenses. An increase in the assets under management balance on decent inflows was a positive. However, marginally lower adjusted revenues hurt results to some extent.
On a GAAP basis, net income attributable to common shareholders was $132.2 million or 29 cents per share, unchanged from a year ago. Our estimate for the metric was $146.4 million.
<h3>Adjusted Revenues &amp; Expenses Decline</h3>
Adjusted net revenues were $1.09 billion, falling marginally year over year. The top line marginally surpassed the Zacks Consensus Estimate of $1.08 billion.
Adjusted operating expenses were $750.5 million, down 4.8% on a year-over-year basis. We expected the metric to be $787.9 million.
The adjusted operating margin was 30.9%, up from 27.7% a year ago.
<h3>AUM Balance Increases</h3>
As of Jun 30, 2024, AUM was $1.72 trillion, which increased 11.5% year over year. Our estimate for AUM was $1.67 trillion. The average AUM at second-quarter end totaled $1.67 trillion, up 11.7%.
The company witnessed long-term net inflows of $16.7 billion in the reported quarter.
<h3>Balance Sheet Strong</h3>
As of Jun 30, 2024, cash and cash equivalents were $878.5 million compared with $895.7 million as of Mar 31, 2024.
The long-term debt was $890.1 million.
<h3>Our View</h3>
Invesco is well-poised to benefit from its global footprint, product offerings and strategic buyouts. However, elevated expenses, a challenging market environment and high debt levels are major near-term concerns.
<div class="chart_embed">
<h3>Invesco Ltd. Price, Consensus and EPS Surprise</h3>
<img alt="Invesco Ltd. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/7a/1721735694.png" style="height:265px; width:577px" title="" />
Invesco Ltd. price-consensus-eps-surprise-chart | Invesco Ltd. Quote
</div>
Currently, IVZ carries a Zacks Rank #3 (Hold).
<h3>Performance of Other Asset Managers</h3>
BlackRock, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) second-quarter 2024 adjusted earnings of $10.36 per share handily surpassed the Zacks Consensus Estimate of $9.96. The figure reflects a rise of 12% from the year-ago quarter.
BLK&#39;s results benefited from a rise in revenues. AUM witnessed a solid improvement, driven by net inflows and market appreciation. However, higher expenses and a fall in non-operating income acted as headwinds for BLK.
Blackstone&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure declined 3.2% from the prior-year quarter.
BX&#39;s results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and an improvement in the AUM balance were tailwinds.
<a href="https://www.zacks.com/stock/news/2307093/invesco-ivz-q2-earnings-beat-despite-y-y-revenue-decline?cid=CS-BENZ-FT-analyst_blog|earnings_article-2307093">To read this article on Zacks.com click here.</a>

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Boeing shares are trading after Qatar Airways announced an order for 20 more Boeing 777-9 Passenger Jets. Also, Macquarie AirFrance ordered 20 Boeing 737-8 MAX jets.

HC Wainwright &amp; Co. analyst Patrick Trucchio reiterates Arrowhead Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARWR#NASDAQ">ARWR</a>) with a Buy and maintains $60 price target.

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HC Wainwright & Co. Reiterates Buy on Arrowhead Pharma, Maintains $60 Price Target

Morgan Stanley analyst Brian Nowak maintains Booking Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) with a Equal-Weight and raises the price target from $3700 to $4000.

BKNG

Morgan Stanley Maintains Equal-Weight on Booking Holdings, Raises Price Target to $4000

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) &nbsp;shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">lower after the company reported second-quarter financial results.</a>
Also, the company announced that it delayed its 2024 Buick EV and pushed its EV pickup plant opening to 2026.
In essence, General Motors is functioning more as a profitable cash generator from traditional gasoline vehicles rather than the high-tech growth engine envisioned by &nbsp;Chief Executive Officer&nbsp;Mary Barra. Despite losses in China, strong U.S. market performance bolsters overall profitability, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-23/gm-tops-profit-estimates-raises-forecast-on-strong-truck-demand" rel="noreferrer noopener">reported </a>Bloomberg.
Meanwhile, GM Defense Canada, a subsidiary of GM Defense, has been awarded a&nbsp;C$35.8 million&nbsp;contract by the Canadian Armed Forces (CAF) for 90 light tactical vehicles (LTVs), with an <a target="_blank" href="https://www.benzinga.com//node/39907891" rel="noreferrer noopener">option to procure up to an additional 18 LTVs.</a>
&#8220;We see this contract award as the beginning of a long strategic partnership with the Canadian Armed Forces to provide enhanced tactical mobility for Soldiers today, and into the future,&#8221; said Steve duMont, president of GM Defense.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained over 18% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39910693/tesla-analyst-asks-do-earnings-matter-ahead-of-q2-report-robotaxis-china-ev-guidanc" rel="noreferrer noopener">Tesla Analyst Asks &#8216;Do Earnings Matter?&#8217; Ahead Of Q2 Report: Robotaxis, China, EV Guidance In Focus</a>
GM Defense Canada will also provide training, technical manuals, and additional vehicle content sourced from Canadian companies.
Under the contract, GM Defense Canada will supply nine-passenger LTVs and a new utility variant, based on a proven U.S. Army design, to support NATO&#8217;s Enhanced Forward Presence Multinational Battlegroup in Latvia, enhancing mobility and safety in challenging landscapes.
GM Defense Canada&#8217;s light tactical vehicles, built on the Chevrolet Colorado ZR2 platform, utilize a significant proportion of Commercial-Off-The-Shelf (COTS) parts, including Chevrolet Performance components. Weighing under 5,000 pounds / 2,232 kilograms, these vehicles prioritize air transportability, maintenance accessibility via GM&#8217;s global supply chain, and robust safety features, meeting stringent CAF performance and safety standards.
&#8220;As we further expand into&nbsp;Canada&nbsp;and with other allied nations around the world, we will continue to leverage the vast resources of General Motors to ensure our global defense and government customers have the best capability to accomplish their mission,&#8221; duMont added.
Earlier today, General Motors&nbsp;reported a fiscal second-quarter 2024 sales growth of 7.2% year-on-year to $47.97 billion, <a target="_blank" href="https://www.benzinga.com//node/39904891" rel="noreferrer noopener">beating the&nbsp;analyst&nbsp;consensus estimate of $45.30 billion.</a>
The adjusted EPS of $3.06 beat the analyst consensus estimate of $2.72. In FY24, General Motors projects adjusted EPS of $9.50 – $10.50 (prior $9.00 – $10.00) versus <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">consensus of $9.72</a>. 
Price Action: GM shares are trading lower by 6.86% to $46.16 at last check Tuesday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/39913582" target="_blank" rel="noreferrer noopener">Ford Gears Up For Q2 Earnings: Will Bullish Charts Overcome Recent Dip?</a></li>
</ul>

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Deep-pocketed investors have adopted a bullish approach towards Starbucks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SBUX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Starbucks. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 75% leaning bullish and 8% bearish. Among these notable options, 5 are puts, totaling $280,860, and 7 are calls, amounting to $226,810.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $85.0 for Starbucks over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of Starbucks stands at 2297.75, with a total volume reaching 1,584.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Starbucks, situated within the strike price corridor from $50.0 to $85.0, throughout the last 30 days.
<h3>Starbucks Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721755027_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SBUX</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$3.5</td>
<td>$3.4</td>
<td>$3.45</td>
<td>$60.00</td>
<td>$138.0K</td>
<td>1.1K</td>
<td style="text-align: right;">418</td>
</tr>
<tr>
<td>SBUX</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$28.75</td>
<td>$25.6</td>
<td>$26.95</td>
<td>$50.00</td>
<td>$53.9K</td>
<td>130</td>
<td style="text-align: right;">25</td>
</tr>
<tr>
<td>SBUX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$3.5</td>
<td>$3.45</td>
<td>$3.45</td>
<td>$75.00</td>
<td>$44.5K</td>
<td>6.7K</td>
<td style="text-align: right;">79</td>
</tr>
<tr>
<td>SBUX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$4.25</td>
<td>$4.15</td>
<td>$4.15</td>
<td>$78.00</td>
<td>$40.2K</td>
<td>218</td>
<td style="text-align: right;">161</td>
</tr>
<tr>
<td>SBUX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$18.35</td>
<td>$18.15</td>
<td>$18.25</td>
<td>$60.00</td>
<td>$32.8K</td>
<td>491</td>
<td style="text-align: right;">20</td>
</tr>
</tbody>
</table>

<h3>About Starbucks</h3>
Starbucks is one of the most widely recognized restaurant brands in the world, operating more than 38,000 stores across more than 80 countries as of the end of fiscal 2023. The firm operates in three segments: North America, international markets, and channel development (grocery and ready-to-drink beverage). The coffee chain generates revenue from company-operated stores, royalties, sales of equipment and products to license partners, ready-to-drink beverages, packaged coffee sales, and single-serve products.
In light of the recent options history for Starbucks, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Starbucks's Current Market Status</h3>
<ul>
<li>Currently trading with a volume of 3,737,241, the SBUX's price is down by -0.14%, now at $76.44. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 7 days.</li>
</ul>
<h3>Expert Opinions on Starbucks</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $83.2.
<ul>
<li>In a cautious move, an analyst from Evercore ISI Group downgraded its rating to In-Line, setting a price target of $80. </li>
<li>An analyst from JP Morgan persists with their Overweight rating on Starbucks, maintaining a target price of $90. </li>
<li>Maintaining their stance, an analyst from TD Cowen continues to hold a Hold rating for Starbucks, targeting a price of $81. </li>
<li>An analyst from Deutsche Bank has decided to maintain their Hold rating on Starbucks, which currently sits at a price target of $85. </li>
<li>An analyst from Citigroup persists with their Neutral rating on Starbucks, maintaining a target price of $80. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Starbucks options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

SBUX

Smart Money Is Betting Big In SBUX Options

Morgan Stanley analyst Brian Nowak maintains Airbnb (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) with a Underweight and raises the price target from $120 to $130.

ABNB

Morgan Stanley Maintains Underweight on Airbnb, Raises Price Target to $130

Deep-pocketed investors have adopted a bearish approach towards Analog Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ADI usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Analog Devices. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 25% leaning bullish and 33% bearish. Among these notable options, 5 are puts, totaling $225,060, and 7 are calls, amounting to $538,426.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $195.0 to $260.0 for Analog Devices over the recent three months. 
<h3>Volume &amp; Open Interest Trends</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Analog Devices's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Analog Devices's significant trades, within a strike price range of $195.0 to $260.0, over the past month.
<h3>Analog Devices Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721755021_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ADI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$55.2</td>
<td>$53.1</td>
<td>$54.2</td>
<td>$200.00</td>
<td>$146.6K</td>
<td style="text-align: right;">269</td>
<td style="text-align: right;">27</td>
</tr>
<tr>
<td>ADI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$49.3</td>
<td>$47.1</td>
<td>$48.14</td>
<td>$210.00</td>
<td>$130.2K</td>
<td style="text-align: right;">226</td>
<td style="text-align: right;">27</td>
</tr>
<tr>
<td>ADI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$10.6</td>
<td>$10.3</td>
<td>$10.4</td>
<td>$220.00</td>
<td>$95.6K</td>
<td style="text-align: right;">247</td>
<td style="text-align: right;">92</td>
</tr>
<tr>
<td>ADI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$57.3</td>
<td>$56.9</td>
<td>$56.9</td>
<td>$195.00</td>
<td>$73.9K</td>
<td style="text-align: right;">113</td>
<td style="text-align: right;">13</td>
</tr>
<tr>
<td>ADI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$55.2</td>
<td>$53.1</td>
<td>$53.27</td>
<td>$200.00</td>
<td>$64.5K</td>
<td style="text-align: right;">269</td>
<td style="text-align: right;">30</td>
</tr>
</tbody>
</table>

<h3>About Analog Devices</h3>
Analog Devices is a leading analog, mixed signal, and digital signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers, and more than half of its chip sales are made to industrial and automotive end markets. Analog Devices' chips are also incorporated into wireless infrastructure equipment.
<h3>Where Is Analog Devices Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 1,600,278, the ADI's price is down by -4.27%, now at $229.78. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 29 days.</li>
</ul>
<h3>Professional Analyst Ratings for Analog Devices</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $250.0.
<ul>
<li>An analyst from Barclays has decided to maintain their Equal-Weight rating on Analog Devices, which currently sits at a price target of $250. </li>
<li>An analyst from Cantor Fitzgerald has revised its rating downward to Neutral, adjusting the price target to $250. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Analog Devices with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Market Whales and Their Recent Bets on ADI Options

Whales with a lot of money to spend have taken a noticeably bullish stance on Toll Brothers.
Looking at options history for Toll Brothers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 25% of the investors opened trades with bullish expectations and 25% with bearish.
From the overall spotted trades, 6 are puts, for a total amount of $302,598 and 2, calls, for a total amount of $59,684.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $130.0 to $155.0 for Toll Brothers over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Toll Brothers's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Toll Brothers's whale trades within a strike price range from $130.0 to $155.0 in the last 30 days. 
<h3>Toll Brothers Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721755016_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TOL</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$10.2</td>
<td>$10.1</td>
<td>$10.2</td>
<td>$140.00</td>
<td>$61.2K</td>
<td style="text-align: right;">218</td>
<td style="text-align: right;">250</td>
</tr>
<tr>
<td>TOL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$10.9</td>
<td>$10.2</td>
<td>$10.46</td>
<td>$140.00</td>
<td>$57.5K</td>
<td style="text-align: right;">218</td>
<td style="text-align: right;">55</td>
</tr>
<tr>
<td>TOL</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>08/16/24</td>
<td>$3.6</td>
<td>$3.4</td>
<td>$3.5</td>
<td>$133.00</td>
<td>$47.9K</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">137</td>
</tr>
<tr>
<td>TOL</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>09/20/24</td>
<td>$10.7</td>
<td>$10.3</td>
<td>$10.5</td>
<td>$140.00</td>
<td>$47.2K</td>
<td style="text-align: right;">218</td>
<td style="text-align: right;">150</td>
</tr>
<tr>
<td>TOL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$10.5</td>
<td>$10.2</td>
<td>$10.26</td>
<td>$140.00</td>
<td>$46.1K</td>
<td style="text-align: right;">218</td>
<td style="text-align: right;">295</td>
</tr>
</tbody>
</table>

<h3>About Toll Brothers</h3>
Toll Brothers is the leading luxury homebuilder in the United States with an average sale price well above public competitors'. The company operates in over 60 markets across 24 states and caters to move-up, active-adult, and second-home buyers. Traditional homebuilding operations represent most of company's revenue. Toll Brothers also builds luxury for-sale and for-rent properties in urban centers across the U.S. It has its headquarters in Horsham, Pennsylvania.
After a thorough review of the options trading surrounding Toll Brothers, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of Toll Brothers</h3>
<ul>
<li>With a trading volume of 453,679, the price of TOL is down by -0.45%, reaching $133.52.</li>
<li>Current RSI values indicate that the stock is may be overbought.</li>
<li>Next earnings report is scheduled for 28 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Toll Brothers</h3>
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $140.33333333333334.
<ul>
<li>Consistent in their evaluation, an analyst from Evercore ISI Group keeps a Outperform rating on Toll Brothers with a target price of $180. </li>
<li>Maintaining their stance, an analyst from Barclays continues to hold a Underweight rating for Toll Brothers, targeting a price of $116. </li>
<li>Maintaining their stance, an analyst from Citigroup continues to hold a Neutral rating for Toll Brothers, targeting a price of $125. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Toll Brothers options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

This Is What Whales Are Betting On Toll Brothers

<a href="https://www.bloomberg.com/news/articles/2024-07-23/ares-hps-line-up-3-billion-debt-for-carlyle-s-baxter-unit-bid?sref=y3YMCJ4e" title="https://www.bloomberg.com/news/articles/2024-07-23/ares-hps-line-up-3-billion-debt-for-carlyle-s-baxter-unit-bid?sref=y3YMCJ4e">https://www.bloomberg.com/news/articles/2024-07-23/ares-hps-line-up-3-billion-debt-for-carlyle-s-baxter-unit-bid?sref=y3YMCJ4e</a>

ARES

'Ares, HPS Line Up $3 Billion Debt for Carlyle's Baxter Unit Bid' - Bloomberg

Freeport-McMoRan Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fcx#NYSE">FCX</a>) recorded net income (attributable to common stock) of $616 million or 42 cents per share in second-quarter 2024, up around 80% from $343 million or 23 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 46 cents, topping the Zacks Consensus Estimate of 39 cents.
Revenues rose roughly 15% year over year to $6,624 million. The figure surpassed the Zacks Consensus Estimate of $5,985.9 million. The company witnessed higher copper and gold prices in the reported quarter.
<div class="chart_embed">
<h3>Freeport-McMoRan Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Freeport-McMoRan Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/ca/1721742961.png" style="height:265px; width:576px" title="" />
Freeport-McMoRan Inc. price-consensus-eps-surprise-chart | Freeport-McMoRan Inc. Quote
</div>
<h3>Operational Highlights</h3>
Copper production fell around 3% year over year to 1,037 million pounds in the reported quarter. The figure was ahead of our estimate of 1,030 million pounds.
Consolidated sales declined approximately 9.5% year over year, reaching 931 million pounds of copper, falling short of our estimate of 975 million pounds. This downside was mainly due to shipping delays in Indonesia, which were related to the timing of renewing PT-FI&#39;s copper concentrate export license.
The company sold 361,000 ounces of gold, down around 27% year over year. FCX also sold 21 million pounds of molybdenum, up around 5% year over year, in the reported quarter.
Consolidated average unit net cash costs per pound of copper were $1.73, up from $1.47 a year ago. The figure was higher than our estimate of $1.57.
The average realized copper price was $4.48 per pound, up around 17% year over year. The figure was higher than our estimate of $4.25 per pound. The average realized price per ounce for gold rose around 18% year over year to $2,299. The figure was below our estimate of $2,301.
<h3>Financial Position</h3>
Cash and cash equivalents at the end of the quarter were $5,273 million, down around 21% year over year. The company&#39;s total debt was $9,426 million, down around 1% year over year.
Cash flows provided by operations were around $1.9 billion in the reported quarter, up around 17% year over year.
<h3>Guidance</h3>
Freeport expects consolidated sales volumes for 2024 to be around 4.1 billion pounds of copper, 1.8 million ounces of gold and 82 million pounds of molybdenum. This includes third-quarter estimates of 1 billion pounds of copper, 475,000 ounces of gold and 20 million pounds of molybdenum.
Consolidated copper and gold production volumes for 2024 are expected to exceed sales volumes for the year. This is due to the deferral of approximately 100 million pounds of copper and 120,000 ounces of gold, which will be processed by PT-FI&#39;s new downstream processing facilities and sold as refined metal in 2025.
The unit net cash costs for copper are expected to average $1.63 per pound for 2024. The same has been projected at $1.71 per pound for the third quarter.
The company also sees operating cash flows of approximately $7.2 billion for 2024. Capital expenditures for the full year are projected to be around $4.7 billion.
<h3>Price Performance</h3>
Freeport&#39;s shares are up 9.3% in the past year compared with an 18.2% rise in the&nbsp;industry.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/a1/72155.jpg?v=731370605" />
Image Source: Zacks Investment Research
<h3>Zacks Rank &amp; Key Picks</h3>
FCX currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crs#NYSE">CRS</a>), Eldorado Gold Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ego#NYSE">EGO</a>), and Kinross Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>). Carpenter Technology, Eldorado Gold, and Kinross sport a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for CRS&#39;s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS&#39; earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company&#39;s shares have soared 113.2% in the past year. It is slated to report fiscal fourth-quarter results on Jul 25.
The Zacks Consensus Estimate for EGO&#39;s current-year earnings is pegged at $1.09, indicating a year-over-year rise of 91.2%. EGO&#39;s earnings estimates have increased 10% in the past 60 days. EGO beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.7%. The stock has rallied 49.9% in the past year.It is scheduled to release second-quarter results on Jul 25.
The Zacks Consensus Estimate for Kinross&#39;s current-year earnings is pegged at 52 cents, indicating a rise of 18.2% from the year-ago levels. KGC beat the consensus in the last four quarters, with the average earnings surprise being 46%. The stock has surged nearly 79.3% in the past year. It will report results for the second quarter on Jul 31.
<a href="https://www.zacks.com/stock/news/2307086/freeport-s-fcx-earnings-and-revenues-surpass-estimates-in-q2?cid=CS-BENZ-FT-analyst_blog|earnings_article-2307086">To read this article on Zacks.com click here.</a>

Guidance

Commodities

Freeport's Earnings and Revenues Surpass Estimates in Q2

Morgan Stanley analyst Brian Nowak maintains Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) with a Overweight and raises the price target from $220 to $240.

AMZN

Morgan Stanley Maintains Overweight on Amazon.com, Raises Price Target to $240

Politics

Top Senate Democrat Schumer And House Democrat Jeffries Endorse Kamala Harris For President

Morgan Stanley analyst Brian Nowak maintains Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) with a Overweight and raises the price target from $90 to $95.

UBER

Morgan Stanley Maintains Overweight on Uber Technologies, Raises Price Target to $95

Masco Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mas#NYSE">MAS</a>) is slated to report second-quarter 2024 results on Jul 25 before the opening bell.
In the last reported quarter, the company&#39;s earnings beat the Zacks Consensus Estimate by 6.9% and rose 8.1% year over year. However, net sales missed the consensus mark by 1.1% and declined 3% year over year.
Masco&#39;s earnings topped the consensus mark in the last four quarters, with the average surprise being 16.6%.
<h3>The Trend in Estimate Revision</h3>
For the quarter to be reported, the Zacks Consensus Estimate for earnings per share has remained unchanged at $1.16 cents in the past 60 days. The estimated figure indicates a 2.5% decline from the year-ago level.
<div class="chart_embed">
<h3>Masco Corporation Price and EPS Surprise</h3>
<img alt="Masco Corporation Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/87/1721739173.png" style="height:263px; width:538px" title="" />
Masco Corporation price-eps-surprise | Masco Corporation Quote
The consensus estimate for net sales is pegged at $2.1 billion, which indicates a 1.2% decrease from the prior-year quarter&#39;s figure of $2.13 billion.
</div>
<h3>Factors to Note</h3>
Masco&#39;s second-quarter earnings and net sales are likely to have declined year over year due to continued demand challenges in Europe and China. Additionally, currency fluctuations and economic instability in key markets are expected to have affected sales and the export business.
Segment-wise, our estimates suggest the Plumbing Products (which accounted for 61.9% of first-quarter 2024 total revenues) and Decorative Architectural Products segments&#39; (which accounted for 38.1% in the first quarter) revenues to have declined 0.6% and 2% year over year to $1.22 billion and $884 million, respectively.
The international market is likely to have lagged behind North America, which might have ailed the company&#39;s performance. Conversely, North America is likely to have performed stronger attributed to quicker stabilization, as evidenced in past two quarters.
Geographically, our model predicts North America (which accounted for 79.2% of first-quarter 2024 total revenues) and International, mainly Europe (which accounted for 20.8%) revenues to have declined 0.6% and 3.5% year over year to $1.71 billion and $394.5 million, respectively.
Nonetheless, the company&#39;s solid brand portfolio, long-term growth initiatives and expansion efforts are expected to have offset the adverse effects of these headwinds. Also, the focus on operational excellence and continuous improvement, along with the development of innovative products in the North American and International Plumbing businesses, are likely to have aided the company&#39;s performance in the to-be-reported quarter.
Meanwhile, MAS&#39; bottom line is likely to have been affected by inflationary pressure, impacting production costs. Supply chain disruptions, particularly in the availability and pricing of essential commodities, are anticipated to have further strained Masco&#39;s profitability. For the second quarter, our model predicts consolidated adjusted operating margin to decline 140 basis points year over year to 15.7%.
However, a favorable price/cost relationship and cost-saving initiatives are likely to have partially aided the company&#39;s bottom line.
<h3>What the Zacks Model Unveils</h3>
Our proven model does not conclusively predict an earnings beat for Masco this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here.
Currently, MAS has a Zacks Rank #4 (Sell) and an Earnings ESP of -4.43%.
<h3>Stocks With the Favorable Combination</h3>
Here are some companies in the Zacks Construction sector that, per our model, have the right combination of elements to post an earnings beat in the respective quarters to be reported.
Aspen Aerogels, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aspn#NYSE">ASPN</a>) currently has an Earnings ESP of +23.53% and a Zacks Rank of 1.
ASPN&#39;s earnings topped the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 68.2%. Earnings for the second quarter of 2024 are expected to increase by a whopping 122.7% year over year.
EMCOR Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eme#NYSE">EME</a>) currently has an Earnings ESP of +4.76% and a Zacks Rank of 3.
EME&#39;s earnings for the second quarter are expected to increase 24.8%. The company reported better-than-expected earnings in each of the last four quarters, the average surprise being 32%.
Dycom Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dy#NYSE">DY</a>) currently has an Earnings ESP of +4.43% and a Zacks Rank of 2.
DY&#39;s earnings for the second quarter are expected to increase 7.4%. The company reported better-than-expected earnings in three of the trailing four quarters and missed on the remaining occasion, the average surprise being 30.2%.
<a href="https://www.zacks.com/stock/news/2307018/masco-mas-to-report-q2-earnings-here-s-what-to-expect?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2307018">To read this article on Zacks.com click here.</a>

Small Cap

ASPN

Masco to Report Q2 Earnings: Here's What to Expect

Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) announced Monday that President Victor Peng will retire effective <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39893143/amd-president-victor-peng-to-retire" rel="noreferrer noopener">August 30, 2024</a>. Peng will remain on the AMD executive team in an advisory capacity to aid the transition until his retirement.
Victor Peng re-joined AMD in 2022 after the acquisition of Xilinx, playing a crucial role in integrating and expanding AMD&#8217;s embedded business and leading the company&#8217;s AI strategy.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/07/39879656/whats-going-on-with-ai-chip-stocks-nvidia-amd-and-taiwan-semi-on-monday" rel="noreferrer noopener">TSMC and AI Chip Stocks Rise Premarket Following Biden&#8217;s Exit and China&#8217;s Rate Cuts</a>
Under his leadership, AMD emerged as the top FPGA and adaptive computing solutions provider.
He became AMD&#8217;s president in February 2022 following the Xilinx acquisition, where he served 14 years as president, CEO, and board member.
Vamsi Boppana, Senior Vice President of the Artificial Intelligence Group, will expand his duties to include the AMD Instinct data center AI accelerator business as part of the transition.
Boppana joined Xilinx in 2008 and oversees cross-company AI software, ecosystem development, and AI hardware roadmaps.
Additionally, Salil Raje, Senior Vice President and General Manager of the Adaptive and Embedded Computing Group, will continue leading AMD&#8217;s embedded business.
Mizuho Securities reports that Nvidia dominates the AI accelerator market with a share ranging from 70% to 95%.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23032549/newplot-53.png" alt="" class="wp-image-450403" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23032549/newplot-53.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23032549/newplot-53-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and AMD are vying for dominance in the <a target="_blank" href="https://www.benzinga.com/news/24/07/39865335/whats-going-on-with-intel-stock-on-friday" rel="noreferrer noopener">AI PC market</a>. In the second quarter of 2024, according to Statista, Intel processors comprised 64% of all x86 CPU tests, while AMD processors represented 33%. Intel led with 75% of benchmark test results for laptop CPUs during the same period.
Price Action: AMD shares traded lower by 0.54% at $155.04 at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy of AMD

Tech

INTC

AMD's President And AI Strategy Head Victor Peng to Retire, Vamsi Boppana To Step Up

Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) will report second-quarter earnings on Wednesday. Wall Street expects 66 cents in EPS and $44 billion in revenues as the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=F"> after market hours</a>.
The stock is down 0.18% over the past year, but up 14.31%% YTD. Ford stock is dipping Tuesday, alongside General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) stock&#8217;s decline, following the latter&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39904891/general-motors-q2-earnings-revenue-beat-hikes-annual-outlook-but-faces-challenges-in-evs-and-china">Q2 earnings report</a>, delay of its 2024 Buick EV, and postponement of its EV pickup plant opening to 2026.
Let&#8217;s look at what the charts indicate for Ford stock, and how the stock currently maps against Wall Street estimates.
<h2 class="wp-block-heading">Ford Technical Setup </h2>
Ford Motor&#8217;s stock is currently exhibiting a moderately bullish trend with buying pressure, indicating potential for future bullish movement. 
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="634" height="457" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23120427/Screenshot-2024-07-23-at-9.34.01-PM.png" alt="" class="wp-image-451863" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23120427/Screenshot-2024-07-23-at-9.34.01-PM.png 634w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23120427/Screenshot-2024-07-23-at-9.34.01-PM-300x216.png 300w" sizes="(max-width: 634px) 100vw, 634px" /></a></figure>
<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072324&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The share price of $13.76 is slightly below the 8-day simple moving average of $14.19, signaling a bearish moment.
This is counterbalanced by stronger bullish indicators. The stock price is above both the 20-day SMA of $13.32 and the 50-day SMA of $12.56, which are bullish signals.
Additionally, the price exceeds the 200-day SMA of $12.00, further reinforcing the bullish outlook. 
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="634" height="457" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23120441/Screenshot-2024-07-23-at-9.33.34-PM.png" alt="" class="wp-image-451864" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23120441/Screenshot-2024-07-23-at-9.33.34-PM.png 634w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/23120441/Screenshot-2024-07-23-at-9.33.34-PM-300x216.png 300w" sizes="(max-width: 634px) 100vw, 634px" /></a></figure>
<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072324&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The Moving Average Convergence Divergence (MACD) indicator at 0.51 supports a bullish stance, though the Relative Strength Index (RSI) of 59.51 suggests the stock is nearing overbought conditions. Meanwhile, the Bollinger Bands range from $11.23 to $14.85, indicating favorable buying conditions.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/07/39906500/whats-going-on-with-ford-stock-tuesday">What&#8217;s Going On With Ford Stock Tuesday?</a>
<h2 class="wp-block-heading">Ford Analysts Consensus Ratings</h2>
Ratings &amp; Consensus Estimates:<a href="https://www.benzinga.com/quote/F/analyst-ratings"> The consensus analyst rating</a> on Ford stock stands at an Overweight currently with a price target of $15.55. 
Recent analyst ratings from Barclays, Bernstein, and Citigroup suggest a 24.31% upside for Ford Motor stock with an average price target of $17.
F Price Action: Ford stock was trading at $13.94, down 1.24% at the time of publication.
Read Next:
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<li><a href="https://bzresearch.myclickfunnels.com/latest-research-webinar-redirect-evergreen?utm_source=website-content" target="_blank" rel="noreferrer noopener">Turn Trading Into The Ultimate Side Hustle Using Benzinga Tools In A Free Webinar</a></li>
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Image: Shutterstock

Analyst Color

Previews

Ford Gears Up For Q2 Earnings: Will Bullish Charts Overcome Recent Dip?

TD Cowen analyst Phil Nadeau maintains Vertex Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) with a Buy and raises the price target from $450 to $500.

VRTX

TD Cowen Maintains Buy on Vertex Pharmaceuticals, Raises Price Target to $500

Morgan Stanley analyst Brian Nowak maintains Take-Two Interactive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) with a Overweight and raises the price target from $175 to $185.

TTWO

Morgan Stanley Maintains Overweight on Take-Two Interactive, Raises Price Target to $185

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A recent ETF launch serves as an indicator of a new trend related to options trading.
On Sept. 14, thematic ETF provider Defiance ETFs <a href="https://www.businesswire.com/news/home/20230913165646/en/&#x2A;&#x2A;Defiance-Launches-QQQY-the-First-ETF-to-Utilize-Daily-Options-0DTE-for-Enhanced-Income">launched</a> The Defiance Nasdaq-100 Enhanced Option ETF (NASDAQ:<a href="https://investorplace.com/stock-quotes/qqqy-stock-quote/">QQQY</a>). The actively-managed ETF seeks to generate <a href="https://www.defianceetfs.com/qqqy/">monthly income</a> while gaining exposure to the Nasdaq 100 Index. This is achieved by&nbsp;<a href="https://www.tastylive.com/news-insights/what-is-zero-day-options-qqqy-etf-how-does-it-work">selling put options</a> in &ldquo;one days to expiration&rdquo; (DTE) options. While it focuses on <a href="https://www.investopedia.com/zero-days-to-expiration-0dte-options-and-how-do-they-work-6753832" target="_blank">0 DTE</a> options, the managers can extend out to a week.
Investors should be aware that because the fund is selling puts, the upside on the index is capped, so you won&rsquo;t fully participate in the index&rsquo;s gains. At least 80% of the ETF&rsquo;s cash will be invested in U.S. Treasuries with six-month to two-year maturities. These Treasuries act as collateral for the options contracts.&nbsp;
With interest rates at their <a href="https://tradingeconomics.com/united-states/interest-rate">highest level</a> in 22 years, the conditions are right for an ETF like this that is intended to generate enhanced income through its investment strategy.&nbsp;
Let&rsquo;s examine three other ETFs that generate income through the use of options.&nbsp;

<h2>Global X Nasdaq 100 Covered Call ETF (QYLD)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2019/07/etfs1600july2019-300x169.jpg" alt='ETFs: A stock market ticker tape that reads "ETFs." representing international etfs' width="300" height="169"><div>Source: Shutterstock</div></div>
Regarding options-based ETFs, the Global X Nasdaq 100 Covered Call ETF (NASDAQ:<a href="https://investorplace.com/stock-quotes/qyld-stock-quote/">QYLD</a>) is the leading U.S.-listed ETF for generating income through covered call options.
Launched in <a href="https://www.globalxetfs.com/funds/qyld/">December 2013</a>, the ETF has $7.67 billion in net assets. While it&rsquo;s not in the <a href="https://etfdb.com/compare/market-cap/">top 100</a> ETFs by assets, but remains popular with investors.&nbsp;
In the case of QYLD, it tracks the performance of the Cboe Nasdaq-100 BuyWrite V2 Index, &ldquo;a benchmark index that measures the performance of a theoretical portfolio that holds a portfolio of the stocks included in the NASDAQ-100&reg; Index (&ldquo;Reference Index&rdquo;), and &lsquo;writes&rsquo; (or sells) a succession of one-month at-the-money Reference Index covered call options,&rdquo; <a href="https://www.globalxetfs.com/prospectus-regulatory/?id=2951">states</a> pg. 2 of its summary prospectus.&nbsp;&nbsp;
A covered call consists of <a href="https://www.globalxetfs.com/content/files/Covered-Call-Infographic.pdf">two points</a> &ndash; owning a stock and selling a call option on that stock. So, in the case of the QYLD, it <a href="https://www.globalxetfs.com/content/files/Monthly-Covered-Call-Report.pdf" target="_blank">owns all</a> of the stocks in the Nasdaq 100. It also sells one-month call options on all 100 stocks. It sells new call options every month.&nbsp;
The ETF has paid monthly distributions for nine consecutive years. It currently <a href="https://www.wsj.com/market-data/quotes/etf/QYLD" target="_blank">yields </a>12.20%. Since its inception, it has had an annualized total return of 7.12% through Aug. 31.&nbsp;
The downside is that Invesco QQQ Trust (NASDAQ:<a href="https://investorplace.com/stock-quotes/qqq-stock-quote/">QQQ</a>) has a 10-year annualized total return of 17.35%, more than double that of QYLD.&nbsp;&nbsp;
<h2>Aptus Collared Investment Opportunity ETF (ACIO)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2021/05/etf-pushpin-1600-300x169.jpg" alt='close-up of the phrase "exchange traded fund" on three colorful papers pinned to a wall by colorful pushpins' width="300" height="169"><div>Source: shutterstock.com/bangoland</div></div>
The Aptus Collared Investment Opportunity ETF (BATS:<a href="https://investorplace.com/stock-quotes/acio-stock-quote/">ACIO</a>) is the second-largest of the trio, with <a href="https://aptusetfs.com/acio/">$547.1 million</a> in net assets. ACIO was launched in July 2019 and has since gathered over half a billion in assets.&nbsp;The company&rsquo;s <a href="https://aptuscapitaladvisors.com/">investment strategy</a> is to capture upside through downside hedging.&nbsp;
The ETF takes the covered call option strategy used by QYLD and adds a third component to it via buying a put. This effectively applies a &ldquo;collar&rdquo; to the stock, as seen in this hypothetical <a href="https://aptusetfs.com/wp-content/uploads/ACIO-Strategy-Paper_Part-2-IV-Differential-F.pdf" target="_blank">example</a>.
It buys 50 mega-capitalization stocks highly correlated with the S&amp;P 500 to carry out its active management. It then sells calls and buys puts on those individual stocks, a U.S. equity ETF, or an index tracking a portfolio of U.S. stocks.&nbsp;
In fiscal 2023 (May 1, 2022 to April 30, 2023), it generated an <a href="https://aptusetfs.com/wp-content/uploads/Aptus-ETFs-2023-Annual-Report.pdf" target="_blank">annual return</a> of 2.34%, 32 basis points less than the S&amp;P 500 Total Return Index. That might not seem good, but with ACIO&rsquo;s annual expense ratio of 0.79% to subtract from its returns and the index has none, it&rsquo;s a reasonably good risk-adjusted return.
<h2>Simplify US Equity PLUS Downside Convexity ETF (SPD)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2021/05/etf-blocks-1600-300x169.jpg" alt='the word "etf" spelled out in many yellow cubes against a background of many black cubes' width="300" height="169"><div>Source: shutterstock.com/Imagentle</div></div>
&nbsp;
Not only is the Simplify US Equity PLUS Downside Convexity ETF (NYSEARCA:<a href="https://investorplace.com/stock-quotes/spd-stock-quote/">SPD</a>) the smallest of the three ETFs with $101.0 million in <a href="https://www.simplify.us/etfs/spd-simplify-us-equity-plus-downside-convexity-etf" target="_blank">net assets</a>, it has the most esteemed name. Launched in September 2020, SPD charges just 0.28% ($28 per $10,000 invested) and has delivered an annualized rate of return of 4.98% through Aug. 31.&nbsp;
The ETF uses a downside convexity option overlay strategy. In other words, it <a href="https://www.simplify.us/sites/default/files/etf/2022-11/Simplify-SPD-summary-prospectus-2022.pdf" target="_blank">purchases</a> up to 20% of the fund&rsquo;s net assets in put options on the S&amp;P 500 or an S&amp;P 500 Index ETF.&nbsp;
&ldquo;The term &lsquo;convexity&rsquo; in the Fund&rsquo;s name refers to the intended non-linear nature between the Fund&rsquo;s and the market returns; it does not refer to the concept of &lsquo;bond convexity,&rsquo; which is a measure of the non-linear relationship between bond duration and changes in interest rates,&rdquo; states its summary prospectus.
To summarize, SPD solely uses put options, QYLD uses call options exclusively, and ACIO uses both to generate income and protect the downside.&nbsp;
On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/"> Publishing Guidelines</a>.
<div>
Will Ashworth has written about investments full-time since 2008. Publications where he&rsquo;s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.
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The post <a href="https://investorplace.com/2023/09/boost-your-portfolio-3-etfs-tapping-into-options-for-higher-returns/">Boost Your Portfolio: 3 ETFs Tapping Into Options for Higher Returns</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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