Hewlett Packard Option Alert: Fri $18 Puts Sweep (75) near the Bid: 5928 vs 8678 OI

Hewlett Packard Option Alert: Fri $18 Puts Sweep (75) near the Bid: 5928 @ $2.336 vs 8678 OI; Ref=$15.8

Hewlett Packard (NYSE:HPE) Stock

HEWLETT PACKARD ENTERPRISE

Hewlett Packard

Hewlett Packard Enterprise is an information technology vendor that provides hardware and software to enterprises. Its primary product lines are compute servers, storage arrays, and networking equipment; it also has a high-performance computing business. HPE's stated goal is to be a complete edge-to-cloud company. Its portfolio enables hybrid clouds and hyperconverged infrastructure. It uses a primarily outsourced manufacturing model and employs 60,000 people worldwide.

Hewlett Packard Enterprise Company Common Stock

Hewlett Packard Enterprise Co

Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock

Macro Economic Events

News

Econ #s

Economics

Fed's Cook Says: Sees More Evidence Of Slowing Consumer Spending, Business Investment; Sees More Emphasis On Upside Inflation Risks

RxSight, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXST#NASDAQ">RXST</a>) on Wednesday disclosed first-quarter 2025 preliminary&nbsp;<a target="_blank" href="https://www.benzinga.com/news/guidance/25/04/44624912/rxsight-warns-on-fy25-revenue-as-premium-cataract-market-faces-headwinds-stock-plunges" rel="noreferrer noopener">results and revised its FY25 outlook</a>.
The ophthalmic medical device company expects first-quarter revenue of around $37.9 million, up 28% year over year and down 6% quarter over quarter, and below the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g44619582/rxsight-inc-announces-preliminary-first-quarter-2025-revenue-and-revised-2025-guidance" rel="noreferrer noopener">consensus of $40.14 million</a>.
Revised FY2025 Outlook: The company lowered the revenue outlook to $160.0 million—$175.0 million (vs. the consensus of $188.9 million) from $185.0 million—$197.0 million earlier.
On Thursday, BofA Securities analyst Craig Bijou downgraded the stock from Buy to Underperform.
&#8220;We see RXST as a relative underperformer on slowing growth and we don&#8217;t see path to 2025 upside,&#8221; he wrote.
The analyst writes lower 2025 guidance likely surprised investors.
Bijou said RxSight likely needs multiple quarters of reaccelerating top-line growth to restore investor confidence and for the stock to re-rate. BofA has lowered the <a href="https://www.benzinga.com/quote/RXST/analyst-ratings" target="_blank" rel="noreferrer noopener">price target from $36 to $22</a>.
RxSight projects the sale of 27,579 Light Adjustable Lenses (LAL/LAL+) in the first quarter, missing Street estimates by 9%. The year over year growth of 36% decelerated significantly from 60% in the fourth quarter of 2024 and 78% for fiscal year 2024.
The company installed 73 Light Delivery Devices (LDD), beating expectations by 6%. However, for the first quarter, the year-over-year growth in LAL procedures (+36%) lagged behind the growth of installed devices (+43%), suggesting that new LDD placements may not drive LAL sales as effectively as in previous years.
Price Action: RXST stock is down 38.2% at $16.15 at last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44631246/why-is-french-pharma-giant-sanofi-stock-trading-higher-on-thursday" target="_blank" rel="noreferrer noopener">Why Is French Pharma Giant Sanofi Stock Trading Higher On Thursday?</a></li>
</ul>
Photo: Gorodenkoff/Shutterstock.com

Analyst Color

Downgrades

Health Care

Price Target

Analyst Ratings

General

RXST

RxSight Analyst Flags Growth Slowdown As Revised Outlook Misses Expectations

WIIM

Apple shares are trading lower. The stock may be trading down amid tariff concerns and declining investor sentiment. Additionally, B of A Securities cut its price target on the stock from $265 to $250.

Fed's Cook Says: Is Watching For Evidence Tariffs Driving Persistent Increase In Price Pressures; Uncertainty Heightened By Economic Outlook, Government Policy Shifts; Is Watching For Evidence Of Trouble On Longer-Term Inflation Expectations; The Job Market Appears To Have Stabilized

RBC Capital Markets analyst Paul Treiber maintained BlackBerry Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) <a href="https://www.benzinga.com/quote/BB/analyst-ratings" target="_blank" rel="noreferrer noopener">with a Sector Perform</a> and lowered the price target from&nbsp;$4&nbsp;to&nbsp;$3.75 on Thursday.
The <a href="https://www.benzinga.com/news/earnings/25/04/44606004/blackberry-q4-earnings-secure-communications-and-licensing-segments-drive-impressive-performance-stock-tanks-on-dismal-guidance" target="_blank" rel="noreferrer noopener">fourth-quarter revenue</a> was $142 million (-7% Y/Y ex Cylance), above consensus at $133 million. All three revenue lines slightly beat expectations.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42627181/blackberry-growth-hinge-on-iot-secure-communications-despite-valuation-concerns-analyst" target="_blank" rel="noreferrer noopener">BlackBerry Growth Hinges On IoT, Secure Communications Despite Valuation Concerns: Analyst</a>
Due to higher revenue, adjusted EBITDA was $21 million, above consensus at $14 million, and adjusted EPS was three cents, above consensus at two cents.
The fiscal 2026 revenue guidance for $504-534 million (-3% Y/Y mid-point ex-Cylance) was below consensus at $548 million.
The shortfall primarily reflects lower Secure Comms revenue.
BlackBerry guided fiscal 2026 adjusted EBITDA to $69-84 million, also below consensus at $89 million.
The first-quarter guidance implies fiscal 2026 is back-end loaded.
Treiber&#8217;s fiscal 2026 estimates move to $519 million revenue and $72 million adjusted EBITDA from $541 million and $73 million previously. 
Even though BlackBerry has not seen any meaningful impact from tariffs on QNX or production plans for its auto OEM customers to date, the company lowered its fiscal 2026 QNX revenue outlook from $260-270 million provided at its investor day in October to $250-270 million (10% Y/Y mid-point), with the mid-point slightly above consensus at $257 million.
The QNX backlog rose only 6% year over year (versus 27% year over year fiscal 2024), as several large expected program wins have not closed yet.
Given uncertainties, new significant wins may continue to be delayed through fiscal 2026.
The fiscal 2026 Secure Comms revenue guidance for $230-240 million (-14% Y/Y mid-point ex Cylance) was short of consensus at $274 million. Even though recurring revenue is high ($208 million ARR as of the fourth quarter), the guidance reflects the lower likelihood of large license deals with government customers amidst recent elections and changes in administration.
Due to long contracts and mission-critical software, BlackBerry has not seen churn in the U.S. Federal government and believes its U.S. business would be resilient.
Even though fiscal 2026 guidance was below consensus, BlackBerry&#8217;s profitability and positive cash flow ($35 million fiscal 2026 guidance) should eventually provide a floor for valuation.
BlackBerry is trading at 3.6 times NTM EV/S, slightly below its historical average (3.8 times); on NTM EV/EBITDA, the stock trades at 25 times, below the peer group average of 31 times.
BB Price Action:&nbsp;BlackBerry stock is down 6.66% at $3.16 at last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/25/04/44630304/qualcomm-expands-ai-ambitions-with-acquisition-of-vinais-generative-ai-division" target="_blank" rel="noreferrer noopener">Qualcomm Expands AI Ambitions With Acquisition of VinAI&#8217;s Generative AI Division</a></li>
</ul>
Photo: Shutterstock

Reiteration

Movers

Tech

Trading Ideas

BlackBerry's QNX, Secure Comms Growth Weighed Down By Tariff Uncertainties, Government Election Shifts: Analyst

Fed's Cook Says: Uncertainty Related To Tariffs Could Cause Economy to Weaken; Encouraging Inflation Has Moderated Amid Solid Growth, Healthy Job Market; Right Now, Economy Is In A 'Solid Position';  Inflation Data Already Showing Impact Of Tariffs

Fed's Cook Says: Appropriate To Maintain Current Policy For Now While Watching Data; Now Is Time for Fed To Be 'Patient But Attentive; Economy Has Entered A Period of Uncertainty; Reduced Uncertainty, Easing Inflation Would Facilitate Rate Cuts

McKesson shares are trading higher after Mizuho raised its price target on the stock from $630 to $690.

AEIS

AEVA

AGYS

AIOT

BBAI

CALX

CIEN

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FFIV

FLEX

HIMX

INFY

IONQ

IPGP

KEYS

LOGI

MCHP

MKSI

MLGO

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Shares of companies within the broader tech sector are trading lower as markets react to President Trump's announcement of sweeping tariffs.

TSLA

Tesla shares are trading lower on possible continued weakness after the company reported a year-over-year decline in Q1 delivery numbers. Additionally, investor sentiment and market weakness may be weighing on the stock.

Civeo's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVEO#NYSE">CVEO</a>) short percent of float has risen 16.67% since its last report. The company recently reported that it has 184 thousand shares sold short, which is 1.96% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.6 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">List of the most shorted stocks</a>
<h3>Civeo Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1743705037_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Civeo has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Civeo's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Civeo's peer group average for short interest as a percentage of float is 5.61%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

CVEO

How Do Investors Really Feel About Civeo?

IREN's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NYSE">IREN</a>) short percent of float has fallen 8.65% since its last report. The company recently reported that it has 20.32 million shares sold short, which is 9.72% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.49 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">List of the most shorted stocks</a>
<h3>IREN Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1743705032_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for IREN has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing IREN's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, IREN's peer group average for short interest as a percentage of float is 8.77%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

IREN

Is the Market Bullish or Bearish on IREN?

Xylem's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYL#NYSE">XYL</a>) short percent of float has fallen 11.73% since its last report. The company recently reported that it has 2.99 million shares sold short, which is 1.58% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.0 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">List of the most shorted stocks</a>
<h3>Xylem Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1743705027_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Xylem has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Xylem's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Xylem's peer group average for short interest as a percentage of float is 3.26%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

What's Driving the Market Sentiment Around Xylem?

BofA Securities analyst provided a 2025/26 outlook on the Integrated, <a target="_blank" href="https://www.benzinga.com/topic/stories-that-matter" rel="noreferrer noopener">Refining, and Midstream sectors</a>.
The analyst writes that since the start of the year, the 2025 and 2026 gas curves have risen by approximately 90c and 50c, respectively, largely driven by colder-than-usual winter conditions.
The analyst has identified three key factors that could present a more bullish outlook over the next 12-18 months than the market currently anticipates.
The analyst notes that the Waha price strip for 2025 has widened over the past month, signaling gas egress constraints.
The Matterhorn pipeline, now flowing 1.75 bcfd since October 2024, may need more compression or connections to reach its 2.5 bcfd capacity later this year, adds the analyst.
Also, with three new pipelines delayed until late 2026, Permian growth could be limited to 750 mmcfd instead of the forecasted 2.5 bcfd over the next 12-18 months. This restricted supply at Waha is a bullish factor for Henry Hub gas prices, says the analyst.
The analyst writes that Venture Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VG#NYSE">VG</a>) has reached 2 bcfd from Plaquemines just three months into ramp-up, with a target of ~3.8 bcfd <a target="_blank" href="https://www.benzinga.com/quote/vg/analyst-ratings" rel="noreferrer noopener">by year-end—exceeding expectations</a>.
Meanwhile, Cheniere Energy, Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>) CCS3 ramp is slightly ahead of projections, while Golden Pass may be delayed <a target="_blank" href="https://www.benzinga.com/quote/LNG/analyst-ratings" rel="noreferrer noopener">to 2026, adds the analyst</a>.
The analyst says that LNG Canada, on track for mid-2025, could divert gas from the U.S.
Overall, LNG demand at the 2025 exit rate is now estimated to be 1.6 bcfd higher than initially projected, adds the analyst.
The analyst notes that they are still drawing DUCs down to maintain Haynesville production at ~14 bcfd with the current rig count but expects it to reach a steady-state level (~4 months&#8217; worth) by the second half of 2025.
With the Permian and Appalachia maxed out, an additional 2.5 bcfd will be needed by 2026, requiring Haynesville to ramp up to ~50 rigs by year-end, adds the analyst.
If Haynesville gas growth doesn't materialize, storage levels could be critically low by spring 2026, potentially driving gas prices significantly higher, writes the analyst.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/content/44038810/2-stocks-riding-the-dominance-of-americas-natural-gas-exports" target="_blank" rel="noreferrer noopener">2 Stocks Riding the Dominance of America&#8217;s Natural Gas Exports</a></li>
</ul>
Image via Shutterstock

Equities

LNG Ramp And Egress Constraints Set Stage For Tighter US Gas Market Than Priced In: Analyst

United Parcel Service shares are trading lower after UBS cut its price target on the stock from $141 to $127.

President Donald Trump's plan to <a href="https://www.benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">impose reciprocal tariffs</a> on foreign imports sent markets lower on Thursday.
Canada was spared from additional tariffs during Wednesday's announcement, but has been a favorite Trump target. Canada's economy could be hurt by tariffs, which could be a problem for American sports leagues, specifically the National Hockey League.
What Happened: A Canadian NHL team has not won the <a href="https://www.benzinga.com/general/sports-betting/24/04/38356595/canadas-30-year-stanley-cup-drought-can-streak-end-in-2024-betting-odds-and-the-public-us-">Stanley Cup since 1993</a>. While that drought continues to be a key fact on the minds of the seven Canadian NHL teams, they may have bigger problems at hand.
NHL Commissioner Gary Bettman was <a href="https://globalnews.ca/video/11112948/nhl-has-concerns-over-trumps-tariffs-hopes-canada-us-tensions-just-a-moment-in-time/">asked </a>about Trump's latest tariffs and the potential impact on the NHL this week when highlighting a new Canadian media rights deal with Rogers Communications (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCI#NYSE">RCI</a>).
Bettman said he doesn't want to weigh in on politics and hopes that people use sports as an escape from negative headlines. Although, he acknowledged that the situation could still have meaningful implications.
"I hope what we're seeing is a moment in time and things can get back to a normal reality," Bettman said. "I have concerns from a business standpoint for the league that if the Canadian economy suffers by what's going on that will impact the way we do business."
Bettman&#8217;s latest comments follow a <a href="https://www.cnbc.com/2025/03/05/nhl-commissioner-gary-bettman-us-canada-tariffs.html" target="_blank" rel="noopener">CNBC </a>interview last week in which he said 25% of the NHL's league revenue comes from the seven Canadian teams. He also mentioned that the salaries are paid in US dollars.
"So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful."
At the time, Bettman said Canadians and Americans were likely getting "caught in the middle" of a policy issue.
Read Also: <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">Trump Unveils Massive Tariff Plan to Slash $1.2 Trillion Trade Deficit: &#8216;Access To The American Market Is A Privilege&#8217;</a>
Why It's Important: The NHL's seven Canadian teams are the Calgary Flames, Ottawa Senators, Montreal Canadiens, Toronto Maple Leafs, Edmonton Oilers and Winnipeg Jets.
The Maple Leafs are partially owned by two public telecommunications companies. Rogers owns 37.5% of the team, and Bell Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCE#NYSE">BCE</a>) also owns 37.5% of the team. The ownership comes via the Maple Leaf Sports &amp; Entertainment parent company. MLSE also owns the National Basketball Association team, the Toronto Raptors, and other sports assets. Rogers owns the Major League Baseball team, the Toronto Blue Jays.
Hockey equipment and jerseys are also made in Canada and could be subject to tariffs, increasing costs for the league as it nears the end of its regular season.
In other American sports leagues, Canada is less involved. In the NBA it's one Canadian team (Raptors) and the same for MLB (Blue Jays). The NHL will be much more impacted by tariffs on Canada and the country's economy going forward.
As a trade war potentially escalates, fans can also get more partial against certain teams, as was evidenced with booing of national anthems when Canada and the United States played each other in the Four Nations Tournament earlier this year.
Price Action: Rogers Communications stock hit a new 52-week low of $24.76 earlier this week. The stock has traded between $24.76 and $41.84 over the last year, with shares down 15.2% year-to-date in 2025 and down 34.9% over the last year.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/25/04/44619828/gop-senators-call-trumps-25-canada-tariff-a-huge-mistake-as-republican-opposition-grows-markets-fear">GOP Senators Call Trump&#8217;s 25% Canada Tariff A &#8216;Huge Mistake&#8217; As Republican Opposition Grows, Markets Fear Economic Disruption</a></li>
</ul>
Photo: Debby Wong/Shutterstock

Sports

Global

Trump's Tariff Push Raises NHL Concerns: League Hopes For Return To 'Normal Reality'

The Defiance Daily Target 2X Long RIOT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIOX#NYSE">RIOX</a>), launched to double the daily returns of Bitcoin mining company Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), has lost its value by as much as 73% in the three months.
The fund only <a href="https://www.benzinga.com/etfs/emerging-market-etfs/25/01/42851198/riot-cryptomining-success-spurs-investor-interest-with-defiances-new-etf">started trading on Jan. 2</a>. 
This sharp fall highlights the high risks involved with <a href="https://www.benzinga.com/etfs">leveraged ETFs</a>, especially those that deal with the <a href="https://www.benzinga.com/crypto">highly volatile cryptocurrency market</a>.
RIOX attempted to offer its investors double the percentage change in the stock price of crypto miner Riot Platforms. 
The ETF has since suffered huge losses following a sudden drop in Riot&#8217;s stock price.
Also Read: <a href="https://www.benzinga.com/25/03/44301936/bitcoin-miners-ride-the-btc-boom-but-costs-tell-a-different-story-jpmorgan">Bitcoin Miners Ride The BTC Boom, But Costs Tell A Different Story: JPMorgan Analyst</a>
<h2 class="wp-block-heading">What&#8217;s To Blame?</h2>
The ETF&#8217;s investment strategy, using a 2x daily leverage on Riot stock, is one of the key reasons for its sharp fall. Leverage increases not only daily gains but also daily losses equally. 
Further, the daily reset of the leverage causes a situation of a so-called volatility drag. That&#8217;s when the average return on the longer term is radically different from a simple multiplier of the return on the underlying asset, particularly in times of high volatility.
Riot&#8217;s share price itself fell 30.4% over the same period. This underperformance had a direct effect on the RIOX ETF.
The cryptocurrency market, to which Riot Platforms is heavily linked, also showed volatility over this period. Although Bitcoin experienced a peak in January, at more than $106,000, it subsequently fell below $85,000 in February, troughing at less than $79,000 in early March, and currently stands at around $81,000. 
This decline in Bitcoin&#8217;s price most likely contributed to the poor performance of Bitcoin mining stocks such as Riot.
<h2 class="wp-block-heading">Company News Adds To Uncertainty</h2>
A number of firm-specific events concerning Riot could have had a role to play in the fall of its share price. 
These include news about Bitcoin production <a href="https://www.riotplatforms.com/riot-announces-february-2025-production-and-operations-updates/">updates</a>, which indicated a minor decline in February because of maintenance and weather, and a non-binding deal to possibly <a href="https://www.prnewswire.com/news-releases/riot-platforms-announces-entry-into-non-binding-term-sheet-to-acquire-certain-assets-of-rhodium-and-settlement-agreement-302408360.html">acquire </a>Rhodium Encore assets. 
Moreover, a reported reduction in price target by JPMorgan in mid-March 2025 might have subdued investor sentiment.
<h2 class="wp-block-heading">Risks Of Leveraged ETFs</h2>
Leveraged ETFs like RIOX are inherently riskier than traditional ETFs. They are generally designed for short-term trading by sophisticated investors who understand the implications of daily leverage and are prepared for potentially significant losses. Defiance ETFs explicitly <a href="https://www.globenewswire.com/news-release/2025/01/03/3003995/0/en/Defiance-Launches-RIOX-The-First-2X-Leveraged-Single-Stock-ETF-on-Riot-Platforms-Inc.html">warns </a>that if Riot Platforms Inc.&#8217;s share price decreases by more than 50% on a single trading day, RIOX investors could lose their entire investment.
The sudden and significant drop of the RIOX ETF is a harsh reminder of the dangers involved with leveraged ETFs, particularly those highly concentrated in volatile segments. 
Investors consider such products only after extensive research and are aware of the possibility of large losses through market movements and daily leverage compounding.
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Image: Shutterstock

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Rosenblatt analyst Barton Crockett reiterated the Buy rating on Stagwell Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STGW#NASDAQ">STGW</a>) on Thursday,<a target="_blank" href="https://www.benzinga.com/quote/STGW/analyst-ratings" rel="noreferrer noopener"> with a price forecast of $10.</a>
The analyst writes that Stagwell doesn&#8217;t need to experience double-digit growth or significant margin expansion to justify a higher valuation compared to its peers.
Even if it grows at a more modest mid-single-digit pace with stable margins, Stagwell should still command a strong EV/EBITDA multiple. However, the company is currently trading at 6.7x 2025E EBITDA, slightly below the peer average of 6.9x and the historical outperformer Publicis, which is valued at 7.3x.
Per Crockett, if Stagwell were able to meet its growth projections, the analyst suggests that its multiple could rise, supporting a price forecast of $10 per share.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/technicals/25/04/44629335/apple-stock-slammed-by-trump-tariffs-is-a-death-cross-next" rel="noreferrer noopener">Apple Stock Slammed By Trump Tariffs: Is A Death Cross Next?</a>
Despite being down 9% year-to-date, which is better than the peer group&#8217;s 15% decline, Stagwell&#8217;s stock could perform better if it achieves its 12% five-year compound annual growth rate and 500+ basis points in margin expansion, the analyst writes.
Meanwhile, there is skepticism in the market due to broader macroeconomic concerns, and there is a risk that Stagwell could miss its targets, which would negatively affect its stock performance, even if the company continues to grow faster than its peers.
Crockett has updated the firm&#8217;s financial model to better align with Stagwell&#8217;s long-term goals.
While the quarterly cadence for 2025 has shifted, with less growth expected in the first quarter and more in the fourth, the overall revenue forecast for the year remains largely unchanged.
Previously, the analyst had projected Stagwell would achieve double-digit revenue growth mainly through acquisitions rather than organic growth, but now Crockett adjusted the expectations to focus more on Stagwell&#8217;s revenue ambitions.
Additionally, the analyst had assumed steady margins in the past, but given the company&#8217;s recent guidance on AI-driven cost savings, the analyst now sees margin expansion in the near term.
Price Action: STGW is down 6.31% at $5.648 at last check Thursday.
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Markets

STGW

Stagwell Stock Could Outperform With 12% Growth, But Analyst Warns Of Market Skepticism Amid Macro Concerns

Investors with a lot of money to spend have taken a bullish stance on PepsiCo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PEP, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 10 options trades for PepsiCo.
This isn't normal.
The overall sentiment of these big-money traders is split between 40% bullish and 30%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $109,200, and 9, calls, for a total amount of $430,560.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $90.0 to $180.0 for PepsiCo over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of PepsiCo stands at 1545.33, with a total volume reaching 1,518.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in PepsiCo, situated within the strike price corridor from $90.0 to $180.0, throughout the last 30 days.
<h3>PepsiCo 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1743704092_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PEP</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$18.3</td>
<td>$18.2</td>
<td>$18.2</td>
<td>$170.00</td>
<td>$109.2K</td>
<td>563</td>
<td align="right">70</td>
</tr>
<tr>
<td>PEP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$5.05</td>
<td>$4.5</td>
<td>$4.56</td>
<td>$170.00</td>
<td>$100.3K</td>
<td>4.2K</td>
<td align="right">225</td>
</tr>
<tr>
<td>PEP</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>10/17/25</td>
<td>$65.1</td>
<td>$63.0</td>
<td>$64.0</td>
<td>$90.00</td>
<td>$64.0K</td>
<td>0</td>
<td align="right">0</td>
</tr>
<tr>
<td>PEP</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/04/25</td>
<td>$5.0</td>
<td>$0.4</td>
<td>$0.89</td>
<td>$152.50</td>
<td>$52.4K</td>
<td>1.1K</td>
<td align="right">589</td>
</tr>
<tr>
<td>PEP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$3.45</td>
<td>$3.25</td>
<td>$3.25</td>
<td>$175.00</td>
<td>$50.3K</td>
<td>831</td>
<td align="right">157</td>
</tr>
</tbody>
</table>

<h3>About PepsiCo</h3>
PepsiCo is a global leader in snacks and beverages, owning well-known household brands including Pepsi, Mountain Dew, Gatorade, Lay's, Cheetos, and Doritos, among others. The company dominates the global savory snacks market and also ranks as the second-largest beverage provider in the world (behind Coca-Cola) with diversified exposure to carbonated soft drinks, or CSD, as well as water, sports, and energy drink offerings. Convenience foods account for approximately 55% of its total revenue, with beverages making up the rest. Pepsi owns the bulk of its manufacturing and distribution capacity in the US and overseas. International markets made up 40% of both total sales and operating profits in 2024.
<h3>Where Is PepsiCo Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 4,339,444, the PEP's price is up by 1.77%, now at $151.76. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 21 days.</li>
</ul>
<h3>What Analysts Are Saying About PepsiCo</h3>
In the last month, 3 experts released ratings on this stock with an average target price of $164.67.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; An analyst from Jefferies downgraded its action to Hold with a price target of $170. 
&#x2A; An analyst from Barclays has revised its rating downward to Equal-Weight, adjusting the price target to $156. 
&#x2A; Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for PepsiCo, targeting a price of $168. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for PepsiCo with <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> for real-time alerts.

Options

PepsiCo Unusual Options Activity For April 03

Investors with a lot of money to spend have taken a bullish stance on AutoZone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with AZO, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://www.benzinga.com/pro/">Benzinga</a>'s options scanner spotted 8 uncommon options trades for AutoZone.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 37%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $212,260, and 4 are calls, for a total amount of $224,700.
<h3>Projected Price Targets</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $3100.0 and $4250.0 for AutoZone, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for AutoZone's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of AutoZone's whale activity within a strike price range from $3100.0 to $4250.0 in the last 30 days. 
<h3>AutoZone Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1743704086_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th align="right">Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>AZO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/19/25</td>
<td>$91.0</td>
<td>$89.0</td>
<td>$91.0</td>
<td>$3400.00</td>
<td>$81.9K</td>
<td align="right">28</td>
<td align="right">9</td>
</tr>
<tr>
<td>AZO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$696.0</td>
<td>$676.0</td>
<td>$696.0</td>
<td>$3100.00</td>
<td>$69.6K</td>
<td align="right">2</td>
<td align="right">1</td>
</tr>
<tr>
<td>AZO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$604.0</td>
<td>$588.0</td>
<td>$588.0</td>
<td>$3310.00</td>
<td>$58.8K</td>
<td align="right">2</td>
<td align="right">1</td>
</tr>
<tr>
<td>AZO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$584.0</td>
<td>$572.0</td>
<td>$584.0</td>
<td>$3200.00</td>
<td>$58.4K</td>
<td align="right">10</td>
<td align="right">1</td>
</tr>
<tr>
<td>AZO</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>04/17/25</td>
<td>$57.5</td>
<td>$43.8</td>
<td>$50.0</td>
<td>$3800.00</td>
<td>$45.0K</td>
<td align="right">42</td>
<td align="right">5</td>
</tr>
</tbody>
</table>

<h3>About AutoZone</h3>
AutoZone operates as a leading retailer of aftermarket automotive parts in the United States. The firm operates more than 6,400 stores domestically, serving both the do-it-yourself and commercial (do-it-for-me) end markets. Through its vast store footprint and distribution network, AutoZone manages a wide array of stock-keeping units applicable to numerous vehicle makes and models, providing its consumers with ample product availability. The firm drives traffic by providing superior and convenient customer service as AutoZone's team of knowledgeable staff assists consumers with diagnosing a vehicle's problem, selecting the necessary part for replacement, and occasionally, installation. The company also operates internationally, with 800 stores in Mexico and more than 100 in Brazil.
<h3>AutoZone's Current Market Status</h3>
<ul>
<li>With a trading volume of 92,316, the price of AZO is up by 0.98%, reaching $3846.7.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 47 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for AutoZone</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $3863.2.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; An analyst from Roth MKM has decided to maintain their Buy rating on AutoZone, which currently sits at a price target of $3763. 
&#x2A; An analyst from B of A Securities persists with their Neutral rating on AutoZone, maintaining a target price of $3700. 
&#x2A; An analyst from DA Davidson upgraded its action to Buy with a price target of $4192. 
&#x2A; Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for AutoZone, targeting a price of $3850. 
&#x2A; An analyst from Goldman Sachs has elevated its stance to Neutral, setting a new price target at $3811. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for AutoZone, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.

This Is What Whales Are Betting On AutoZone

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