McDonald's Corp (NYSE:MCD) and Shake Shack Inc's (NYSE:SHAK) first-quarter results are shaking things up today, with the shares of the latter experiencing significant price movement in response.
MCD was last seen trading near breakeven at $283.99, paring earlier gains despite better-than-expected first-quarter results. A dent in current-quarter sales soured sentiment, after CEO Chris Kempczinski warned that prolonged global supply-chain issues related to the Iran war could push costs higher and further weaken consumer spending. The shares earlier marked a 52-week low of $282.16, and are down 7.3% year to date.
McDonald's stock has seen double its average daily options volume already, with 32,000 calls and 18,000 puts exchanged so far today. The weekly 5/8 300-strike call is the most popular, with new positions opening there.
Shake Shack stock is trading at two-year lows, last seen down 28.9% at $68.74 as it eyes its worst single-day percentage loss on record. While earnings came in line with estimates, a revenue miss and significant operating loss are hurting the shares. Since the start of the year, SHAK is down 15.6%.
So far today, SHAK has seen 10,000 calls and 11,000 puts traded -- 11 times its average daily options volume. The weekly 5/8 65-strike put is the most popular, followed by the 70-strike call in that series, with new positions opening at both.
