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Full Description
Profit from earnings announcements, by taking targeted, short-term option positions explicitly timed to exploit them! Based on rigorous research and huge data sets, this book identifies the specific earnings-announcement trades most likely to yield profits, and teaches how to make these trades-in plain English, with real examples! Trading on Corporate Earnings News is the first practical, hands-on guide to profiting from earnings announcements. Writing for investors and traders at all experience levels, the authors show how to take targeted, short-term option positions that are explicitly timed to exploit the information in companies' quarterly earnings announcements. They first present powerful findings of cutting-edge studies that have examined market reactions to quarterly earnings announcements, regularities of earnings surprises, and option trading around corporate events. Drawing on enormous data sets, they identify the types of earnings-announcement trades most likely to yield profits, based on the predictable impacts of variables such as firm size, visibility, past performance, analyst coverage, forecast dispersion, volatility, and the impact of restructurings and acquisitions. Next, they provide real examples of individual stocks-and, in some cases, conduct large sample tests-to guide investors in taking advantage of these documented regularities. Finally, they discuss crucial nuances and pitfalls that can powerfully impact performance.
Contents
Acknowledgments xiiAbout the Authors xiiiPreface xivPART IINTRODUCTIONChapter 1: Introduction 3PART II: THEORY: EARNINGS ANNOUNCEMENTS AND EARNINGS SURPRISESChapter 2: Earnings Announcements: Why Are They So Important? 13Chapter 3: Earnings Surprises: Definition and Measurement 23Chapter 4: Earnings Surprises: Empirical Evidence 39PART III: EVIDENCE: MARKET REACTIONSChapter 5: Market Reactions to Earnings Announcements 49Chapter 6: Market Reactions to Earnings Surprises (Are Full of Surprises) 57PART IV: IMPLEMENTATION: OPTIONS TRADING STRATEGIESChapter 7: General Characteristics of Optioned Companies and Options Behavior Around Earnings Announcements 71Chapter 8: Practical Considerations Before Implementing Trades 77Chapter 9: Directional Bets: Long Calls, Bull Call Spreads, Long Puts, and Bear Put Spreads 97Chapter 10: Long Straddle and Strangle Strategies 111Chapter 11: Short Straddle and Strangle Strategies 135PART V: FINE TUNING: IMPROVING THE ODDS OF A PROFITABLE TRADEChapter 12: Growth Expectations and the Torpedo Effect 153Chapter 13: Revenue and Expense Surprises 161Chapter 14: Earnings Surprise Persistence 167Chapter 15: Other Theories and Evidence 175References 189Index 197
