Abercrombie & Fitch Co. ANF – Options Update
Our main point of focus in yesterday’s premarket report was a bearish stance on ANF to correspond the company’s earnings miss. We wanted to use the impending selloff to our advantage, and for that we selected the ANF Weekly $22-19.50 Puts.
The activity unfolded just as we expected it would, and as a result our observed contracts provided us with nice intraday gain opportunities.
$22 Puts – Range: 2.55-4.09 – Max Gain: 60%
$21.50 Puts – Range: 1.70-4.15 – Max Gain: 144%
$21 Puts – Range: .64-3.14 – Max Gain: 391%
$20.50 Puts – Range: .48-2.60 – Max Gain: 442%
$20 Calls – Range: .36-2.15 – Max Gain: 497%
$19.50 Calls – Range: .27-1.65 – Max Gain: 511%
While the contracts don’t expire until Friday, this is likely to be a one-day idea that we’ll now be moving on from, as the chances of seeing ANF take another dramatic backslide seem rather slim at this point.
Updates on Last Friday’s Solid Picks
We want to circle back today to recap a couple of plays we added to our watchlist on Friday morning. Both have left their lows behind, with each of them going on to register new highs yesterday.
Firefish, Inc. FRFS – saw its low on Friday at .0031 and yesterday found its way up .0064, marking a 106% swing in a four session span.
Force Protection Video Equipment, Inc. FPVD – This play found its bottom on Monday at .016 before leading into yesterday’s high of .027. That goes down in the books as a three-day, 68% shift to the upside.
Fresh Options Idea:
VEEV posted a 34% year-over-year increase on revenue in this morning’s earnings report, and like usual, we want to signal a range of options contracts to monitor as a result. Our targets are going to be the VEEV 09/16 $39-42 Calls.
Extended Watchlist:
SKLN, MVES, ASCK, DLCR, GREW, BVTK