Cal-Maine Foods (NASDAQ:CALM) is lower this morning after the egg producer reported a surprise fiscal fourth-quarter loss of 76 cents per share, missing analysts' expectations for a profit of 11 cents. The company blamed historically low inflation-adjusted egg prices during the quarter, as lower wholesale prices and an industry oversupply weighed on results, with revenue falling 49.9% year over year to $552.6 million.
At last glance, CALM was down 2.7% at $84.96, heading for a third-straight loss. The $90 level has capped gains since late 2025, rejecting the shares' latest rally on Friday. Year to date, the equity is holding on to a 5.4% lead.
Options traders have been much more bearish than usual toward CALM. The stock's 10-day put/call volume ratio of 2.73 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 91% of annual readings, while the 50-day ratio of 1.41 sits in the 86th percentile.
Meanwhile, Cal-Maine's Schaeffer's Volatility Scorecard (SVS) of 25 out of 100 suggests options traders have tended to overestimate the magnitude of the stock's moves over the past year.
