Convenience store stock Casey's General Stores Inc(NASDAQ:CASY) will replace Hologic(HOLX) in the S&P 500 Index (SPX) before the open on Thursday, April 19. This comes as Blackstone (BX) and TPG Global await to complete their buyout of the medical tech name, with trading of shares halted. At last check, CASY is up 0.8% to trade at $752.73, and earlier hit a new record high $757.25.
The shares are on track for their fifth-straight gain, and now sport a 78.9% year-over-year lead. The stock has rattled off three-straight weekly wins after testing its 50-day moving average in early March. CASY also just wrapped up its best quarterly performance since 1991.
An unwinding of pessimism among short-term options traders could push CASY higher still This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.63, which ranks in the 87th percentile of its 12-month range.
Options premium is affordably priced. The equity's Schaeffer's Volatility Index (SVI) of 30% sits in the 21st percentile of its annual range, indicating options traders are currently pricing in unusually low volatility expectations.
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