Pure Storage(US:PSTG) Schaeffers Investment Researchยท2024-08-29 14:42Core Viewpoint - Pure Storage Inc (NYSE:PSTG) stock is experiencing a significant decline despite reporting positive second-quarter results, including better-than-expected earnings and revenue [1] Group 1: Financial Performance - The company maintained its full-year revenue outlook but lowered its guidance for subscription-as-a-service (SaaS) related total contract value [2] - Operating income guidance came in below expectations according to FactSet [2] Group 2: Market Reaction - PSTG stock was down 12% to trade at $52.53, marking its worst daily percentage loss since November [3] - The $50 level has been a strong support line since a 25% post-earnings increase on February 29, coinciding with its ascending 200-day moving average [3] - Year-to-date, the equity has increased by 47.5% [3] Group 3: Options Activity - Call traders are actively buying on the dip, with 6,801 calls exchanged compared to 1,141 puts, representing 2.5 times PSTG's average daily volume [4] - The October 55 call is the most popular, with new positions being opened [4]