GE Vernova (NYSE:GEV) stock is up 13.1% to trade at $1,121.30 this morning, and nabbed a record high of $1,142 out of the gate. The utility company reported first-quarter earnings of $17.44 per share on $9.34 billion in revenue, both of which topped analysts' estimates. A hiked annual revenue forecast is also driving gains, with a backlog of $200 billion expected to be reached by 2027.
GEV is now up 243% in the last 12 months. With today's gap higher, shares are likely headed for seven-straight weekly wins, and have logged only three weekly losses in all of 2026. Pullbacks along the way have been met with support at the stock's ascending 40-day moving average.
Today's breakout has moved the equity from the cusp of "overbought" territory to firmly in it. Plus, its 14-Day Relative Strength Index (RSI) spiked to 79 this morning, a short-term warning prospective buyers.
Options traders had been betting bearishly. GEV's 10-day put/call volume ratio of 1.32 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits in the 100th percentile of its annual range. Echoing this, the security's Schaeffer's put/call open interest ratio (SOIR) of 1.29 ranks in the 84th annual percentile.
Today has shifted toward calls. At last look, 16,000 calls have changed hands, volume that's five times the average intraday amount. The May 1,200 call is the most popular, with new positions being bought to open.
