$EQIX Bullish Pennant - $16M Unusual Options Activity
$EQIX Has formed into a bullish pennant in the last week after a strong post-earnings run up. Price has also broke out of a long term bull flag that began after November 2017 peak.
Expecting this to break higher in the near term...monitoring for a move above $430 on decent volume.
Medium term target - $460 by mid-April
Long term target - $495+ by 4th of July
Adding to the bullish sentiment, there was some unusual options activity today with ~3,600 March 15th (near-term) $360-$380-$390-$400 strike calls traded vs combined OI of only ~700 for a total premium outlay of over $16M. All of these options are fairly deep in the money with very high premiums (avg price $4,600 per contract).
Also of note, Equinix executives will attend three upcoming investor conferences (note: all occur prior to the March 15th expiration on above call options):
-- CECP 2019 CEO Investor Forum in New York City, New York, on Monday, February 25. Peter Van Camp, Executive Chairman will present at 3:55 p.m. EST.
-- Morgan Stanley's 2019 Technology, Media & Telecom Conference in San Francisco, California, on Tuesday, February 26. Keith Taylor, Chief Financial Officer will present at 4:35 p.m. PST.
-- Citi's 2019 Global Property CEO Conference in Hollywood, Florida, on Monday, March 4. Charles Meyers, Chief Executive Officer and Keith Taylor, Chief Financial Officer will present at 2:15 p.m. EST.
Note: Informational analysis, not investment advice.
Expecting this to break higher in the near term...monitoring for a move above $430 on decent volume.
Medium term target - $460 by mid-April
Long term target - $495+ by 4th of July
Adding to the bullish sentiment, there was some unusual options activity today with ~3,600 March 15th (near-term) $360-$380-$390-$400 strike calls traded vs combined OI of only ~700 for a total premium outlay of over $16M. All of these options are fairly deep in the money with very high premiums (avg price $4,600 per contract).
Also of note, Equinix executives will attend three upcoming investor conferences (note: all occur prior to the March 15th expiration on above call options):
-- CECP 2019 CEO Investor Forum in New York City, New York, on Monday, February 25. Peter Van Camp, Executive Chairman will present at 3:55 p.m. EST.
-- Morgan Stanley's 2019 Technology, Media & Telecom Conference in San Francisco, California, on Tuesday, February 26. Keith Taylor, Chief Financial Officer will present at 4:35 p.m. PST.
-- Citi's 2019 Global Property CEO Conference in Hollywood, Florida, on Monday, March 4. Charles Meyers, Chief Executive Officer and Keith Taylor, Chief Financial Officer will present at 2:15 p.m. EST.
Note: Informational analysis, not investment advice.