Group 1 - Shares of Dave and Buster's Entertainment Inc (NASDAQ:PLAY) fell 15.7% to $20.38 following disappointing second-quarter earnings of $0.40 per share on revenue of $557.4 million and lackluster same-store sales [1] - The stock is experiencing its lowest levels since May and is down 30% year to date, marking its fourth post-earnings loss in six quarters [2] - Major financial institutions such as Piper Sandler, Truist Securities, and UBS have lowered their price targets in response to the earnings report [1] Group 2 - Options traders have shown increased bearish sentiment, with the equity's 10- and 50-day put/call volume ratios ranking in the 85th and 99th percentiles of its annual range [3] - A significant number of puts have been traded today, with 16,000 puts compared to 9,513 calls, indicating six times the overall average daily options volume [4] - The stock has been placed on the short sell restricted (SSR) list amid the current volatility [4]

Core Insights - DocuSign Inc (NASDAQ:DOCU) stock has dropped 17.1% to $76.99 despite reporting fiscal first-quarter earnings of $0.90 per share and revenue of $763.7 million, surpassing estimates of $0.81 and $747 million respectively [1] - Billings of $739.6 million fell short of the consensus estimate of $746.2 million, raising concerns about slowing demand [1] - The company's 2026 billing guidance was disappointing, contributing to the stock's decline, which has erased its year-to-date gains, now down 13.8% in 2025 [1] Market Reaction - Bearish sentiment is increasing, with at least five analysts reducing their price targets, including UBS, which lowered its target from $85 to $80 [2] - Options trading volume is significantly high, with over 21,000 contracts exchanged, which is 30 times the average for the day, indicating strong interest in the weekly 6/6 80-strike put options expiring today [2]