FedEx Corp (NYSE:FDX) stock is up 2.3% to trade at $232.06 at last glance, after the transportation company announced better-than-expected earnings and revenue for the fiscal first quarter and hiked its full-year outlook. The security attracted five price-target hikes in response, with Jefferies raising its objective to $280 from $275.
The majority of analysts lean bullish on FDX, with 18 of the 30 in coverage sporting a "buy" or better rating. Plus, the 12-month consensus target price of $263.39 is a 15.8% premium to current levels.
FedEx stock is trimming a 17.3% year-to-date deficit as it paces for its best day since Aug. 22. Though the shares are also bouncing off support at the $225 level and 120-day moving average, the $240 level looms above as a pressure point after rejecting a late August rally.
Over in the options pits, 43,000 calls and 45,000 puts have already crossed the tape so far today, which is 15 times the volume typically seen at this point. The most active contract is the September 210 put. It's also worth noting these contracts expire at the close.
Short-term options traders have been much more bearish than usual. FDX's 10-day put/call volume ratio of 1.31 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 90% of readings from the last year.
