{"id":201548,"date":"2024-01-24T12:00:00","date_gmt":"2024-01-24T17:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=201548"},"modified":"2024-01-25T04:52:25","modified_gmt":"2024-01-25T09:52:25","slug":"options-market-expectations-for-tesla-earnings","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/options-market-expectations-for-tesla-earnings\/","title":{"rendered":"Options Market Expectations for Tesla Earnings"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Earnings season is kicking into high gear this week with about 75 members of the S&amp;P 500 (SPX) index reporting.\u00a0 The market loved what it heard after yesterday\u2019s close from Netflix (NFLX), a former market darling during the \u201cFAANG\u201d days, and that stock is rocketing 12% higher today.\u00a0 Today we hear from another market darling, a <a href=\"\/campus\/traders-insight\/securities\/stocks\/magnificent-seven-may-need-a-roster-change\/\">Magnificent 7 stock<\/a> whose recent performance has been less than stellar over the past few weeks.\u00a0 That of course is Tesla (TSLA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TSLA is perpetually the most active stock at our firm, a testament to the outsized hold that it has on investor psychology.&nbsp; I have frequently referred to TSLA as a <a href=\"\/campus\/traders-insight\/securities\/options\/tesla-options-traders-still-showing-faith\/\">\u201cfaith-based\u201d stock<\/a>, and over the long run, investors\u2019 faith in TSLA and its founder Elon Musk has been richly rewarded.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But investments are forward-looking.&nbsp; As we\u2019ve all heard, past performance is no guarantee of future results.&nbsp; TSLA\u2019s stellar long-term performance means little to investors who need to continually reassess a company\u2019s immediate and future prospects.&nbsp; We\u2019ll get some clues about them later today.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consensus estimates for 4Q earnings per share are $0.73 on sales of $25.6 billion.&nbsp; That compares to year-ago EPS of $1.19 on $24.3 billion.&nbsp; Even a cursory glance at this comparison reveals the fundamental issue that faces TSLA: margin pressure.&nbsp; Revenues are expected to grow by 5.3% versus last year but EPS are expected to drop by over 38%.&nbsp; Investors prefer when <a href=\"\/campus\/traders-insight\/securities\/stocks\/its-better-when-growth-stocks-um-grow\/\">growth stocks actually grow their profits<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet as is often the case with TSLA, the desired metrics are likely other than strictly about EPS and revenues.&nbsp; It is hoped that gross margins can rise to 16.7% or more, after last quarter\u2019s 16.3%.&nbsp; Analysts also want to hear about anticipated deliveries for 2024, and whether those will meet or exceed the 2.1-2.2 million that are currently anticipated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The stakes for investors can be quite high.&nbsp; The last six reports from TSLA brought post-earnings moves of -9.3%, -9.74%, -9.75%, +10.97%, -6.65%, and +9.78%. Somehow, implied volatilities for at-money options expiring this week are roughly 7.25% on a daily basis &#8212; well below the recent 9.37% average move \u2013 as shown by the graphs below:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tsla-volatility-term-structure\"><strong><em>TSLA Volatility Term Structure<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"475\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture3-6-1100x475.png\" alt=\"TSLA Volatility Term Structure\" class=\"wp-image-201552 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture3-6-1100x475.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture3-6-700x302.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture3-6-300x129.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture3-6-768x331.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture3-6.png 1409w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/475;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tsla-implied-volatilities-by-strike-options-expiring-january-26-th-top-february-2-nd-middle-february-16-th-bottom\"><strong><em>TSLA Implied Volatilities by Strike, Options Expiring January 26<sup>th<\/sup> (top), February 2<sup>nd<\/sup> (middle), February 16<sup>th<\/sup> (bottom)<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"504\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture2-10-1100x504.png\" alt=\"TSLA Implied Volatilities by Strike, Options Expiring January 26th (top), February 2nd (middle), February 16th (bottom)\" class=\"wp-image-201551 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture2-10-1100x504.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture2-10-700x321.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture2-10-300x138.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture2-10-768x352.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture2-10.png 1389w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/504;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The graph directly above shows that skews in near-term options are generally flattish.&nbsp; There is some added risk aversion priced into downside options.&nbsp; That is not unusual for most stocks ahead of earnings, though we have often seen TSLA with even flatter or even upside skews ahead of results.&nbsp; This is captured by the IBKR Probability Lab for this week\u2019s expiry, as shown in the graph below, where we see an almost perfectly symmetrical set of outcomes centered around the current level of the stock:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ibkr-probability-lab-for-tsla-options-expiring-january-26-2024\"><strong><em>IBKR Probability Lab for TSLA Options Expiring January 26, 2024<\/em><\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"436\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture1-22-1100x436.png\" alt=\"IBKR Probability Lab for TSLA Options Expiring January 26, 2024\" class=\"wp-image-201550 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture1-22-1100x436.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture1-22-700x277.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture1-22-300x119.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture1-22-768x304.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/01\/Picture1-22.png 1534w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/436;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bottom line here is that there does not appear to be an inordinate amount of risk aversion, or a significant directional view priced into the stock.&nbsp; Quite frankly, I am surprised to see that more optimistic expectations are not priced in right now, considering the persistent optimism that surrounds TSLA and the thought that the stock is \u201cdue\u201d for a positive surprise after three consecutive large disappointments.&nbsp; Could the lack of anticipation be a sign that investors would be more surprised by good news than bad?&nbsp; It\u2019s unclear now, but will be quite clear by this time tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today we hear from a Magnificent 7 stock whose recent performance has been less than stellar over the past few weeks. That of course is Tesla (TSLA).<\/p>\n","protected":false},"author":4,"featured_media":184228,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,6,19,8,9,22,26,3],"tags":[267,10847,161],"contributors-categories":[13576],"class_list":["post-201548","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-north-america","category-options","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-earnings","tag-options-market","tag-tesla","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Options Market Expectations for Tesla Earnings<\/title>\n<meta name=\"description\" content=\"Today we hear from a Magnificent 7 stock whose recent performance has been less than stellar over the past few weeks. 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