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BRISTOL-MYERS SQUIBB COBRISTOL-MYERS SQUIBB COBRISTOL-MYERS SQUIBB CO

BRISTOL-MYERS SQUIBB CO

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BMY trade ideas

$BMY Bristol Myers ready for a BULLISH moveBristol-Myers Squibb upgraded to Overweight with a $55 (17% upside) price target at Barclays. Shares up 1% premarket. Post earnings BMY has had some nice price action, investors liked what the heard from the earnings report and the analysts have started to upgrade the stock as of today. Sentiment in the Pharma sector has been horrendous for months, so maybe a turnaround is on the cards. The price has found a bottom and the indicators have also put a strong base in. We think this is a very safe long with a good RR opportunity. Company Description Bristol-Myers Squibb Co. engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of biopharmaceutical products. It includes chemically-synthesized drugs or small molecules and products produced from biological processes called biologics
NYSE:BMYLong
by RedHotStocks
TRADE IDEA: BMY APRIL 18TH 55 SHORT STRADDLEMETRICS: Max Profit: $733/contract ($183 at 25% max; 16.7% Return on Cap On Margin) Max Loss/Buying Power Effect: Undefined/~$1100 on margin Break Evens: 47.67/62.33 Delta: 24.37 Theta: 5.11 Notes: I'm still feeling bullish, just not as bullish as I was at the beginning of the year -- hence the 24 long delta metric. From a price action perspective, low side break even and short straddle strikes line up nicely with "local low/highs" between 47 and 54. As with the other setups I worked (MAT, EA, See Posts Below), markets are showing wide in the off hours, so this might not be as attractive when markets open tomorrow, but it's nice to know that there are other possibilities on tap than playing CZR, RIG earnings for volatility contraction. Other Obvious Setups: April 18th 47 short put, 1.24 credit at the mid (.62 at 50% max), 45.76 break even, delta 24.37, theta 2.02. April/June 45/55 upward call diagonal, 6.45 at the mid, break even of 51.45 versus 51.67 spot, debit paid to spread width ratio of 64.5%, max profit on setup of 3.55/1.78 at 50% max/27.5% return on capital. Markets are ghastly in the off hours for this: bid 5.06/mid 6.45/ask 7.85, so it'll have to be priced out during NY.
NYSE:BMYLong
by NaughtyPines
TRADE IDEA: BMY MARCH/APRIL 45/52.5 UPWARD CALL DIAGONALMetrics: Max Loss On Setup: $443/contract Max Profit On Setup: $307/contract; $153/contract at 50% max for 34.5% ROC Break Even on Setup: 49.43 versus 50.18 spot Debit Paid to Spread Width Ratio: 59.1% Theta: 1.22 Delta: 31.54 Notes: With earnings on Thursday before market open and the underlying at the low end of its 52-week range, I'm looking at taking a bullish assumption directional shot without putting a ton of risk on the line to do it (which is why, in part, I'm going March/April instead of my standard split month; longer dated back months cost more, since you'll need to widen out to get a favorable break even and/or a decent debit paid to spread width ratio). That being said, a lot of these look sexier during off hours than when New York opens, so keep that in mind. The setup, after all, is currently bid 4.12/mid 4.43/ask 4.74 (off hours), which is awfully wide ... . The natural alternative is to just short put at the March 45 (paying 1.10 at the mid), but that'll tie up around 8.75 in buying power on margin, with a return on capital of 6.3% at 50% max and invoke a full notional in cash secured of 43.89. This is basically why I like to go defined with a lot of stuff that I'm not interested in buying and holding -- better return on cap, less buying power deployed, similar or better gross profit metrics, particularly in small cash secured accounts where you haven't got a ton of cash sloshing around to do a short put/acquire/cover cycle.
NYSE:BMYLong
by NaughtyPines