Options Update: Bank of America (BAC) & Wells Fargo (WFC)
Bank of America (BAC)
Bank of America Volatility Increases As Shares Sell Off 13% After EPS
Bank of America is recently down $1.61 to $8.97. BAC reported better than expected EPS, but most of the upside came from one-time gains. BAC credit-loss provisions more than doubled in the quarter.
CBOE BAC option volume is active with 114,742 contracts trading in the first hour.
BAC May option implied volatility of 143 is above its 26-week average of 115, suggesting large price movement.
Wells Fargo (WFC)
Wells Fargo Puts Active On Volatility Of 117 Into EPS
Wells Fargo is recently down $1.57 to $18.69. WFC is scheduled to report Q1 EPS on April 22.
WFC call option volume of 17,242 contracts compares to put volume of 41,235 contracts.
WFC May option implied volatility is at 117, June is at 108. This is near its 26-week average of 114, suggesting non-directional price movement.
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