November 4, 2025
UBER, GRAB, PFE Earnings Re-cap, and CPNG Earnings Preview
UBER, GRAB and PFE are all trading lower today following earnings that BEAT expectations. So why are these stocks down on earnings beats? It’s likely because the market is lower today (S&P down 1%) and it feels like traders are positioning for a bit more of a “risk-off” environment (which we have seen in the bad breadth of the market for weeks).
Regardless, here are my thoughts on each …
UBER is trading at 94, which isn’t a disaster, but with time running out on our trade I have my finger on the sell button should things worsen.
Stepping back, I’m disappointed UBER is down today as the stock looked great at 100 yesterday and option activity was very bullish. And while I’m bummed that the initial reaction is the stock going lower, all we can do is hold stocks that are setting up nicely and then see how the market reacts to earnings.
GRAB also looked good and was seeing big bullish option activity yesterday (actually really big call buying). Today the stock is down marginally, and option activity remains very bullish, and the stock received two upgrades following earnings.
Because we have so much time until our GRAB calls expire, let’s hold our position as is.
PFE is also marginally lower today (really it’s basically unchanged) after reporting an earnings beat. Much like GRAB, because our calls have so much time until expiration let’s hang out for now with our trade.
Moving on …
Coupang (CPNG) will report earnings today after the market close. Heading into the event the stock has chopped around for months, much like most stocks.
Let’s see how earnings go tonight.
CPNG - With the stock trading at 31.75, the options market is pricing in a move of $2 this week, or 19.75 to the downside and 33.75 to the upside.
Open interest is skewed bullish on a ratio of 2.7:1 call vs. put.
Skew is pricing in typical downside risk and upside interest.
November 3, 2025
GRAB, PFE, UBER Earnings
This afternoon and tomorrow morning, we will have three stocks in our portfolio report earnings. Let’s dive in …
Grab (GRAB) will report earnings late this evening, and I am going to continue to hold my position as option activity remains wildly bullish (though admittedly all of the call buying noted for months are low-premium buys).
GRAB - With the stock trading at 6, the options market is pricing in a move of $0.60 this week, or 5.40 to the downside and 6.60 to the upside.
Open interest is skewed bullish on a ratio of 7.1:1 call vs. put.
Skew is pricing in typical downside risk as well as upside interest.
Pfizer (PFE) will report earnings tomorrow morning before the market open. So far, this trade has not worked as I may have top-ticked the stock surge last month. That being said, our play is on a longer-term turnaround, so let’s see how earnings go tomorrow.
PFE - With the stock trading at 24.5, the options market is pricing in a move of $1 this week, or 23.5 to the downside and 25.5 to the upside.
Open interest is skewed bullish on a ratio of 1.5:1 call vs. put.
Skew is pricing in typical downside risk and upside interest.
Uber (UBER) will also report earnings tomorrow morning before the market open, and this is likely going to be our most volatile, and risky, position of the three stocks reporting.
The reason this trade is so risky is that we are holding December calls that are running out of time and that are somewhat deep in the money, which means our calls are going to move violently with the stock either up or down.
Essentially, we need UBER up tomorrow.
UBER - With the stock trading at 97, the options market is pricing in a move of $7 this week, or 90 to the downside and 104 to the upside.
Open interest is split evenly call vs. put.
Skew is pricing in extreme downside and upside risk.
November 3, 2025
Weekly Update
The market’s momentum continued last week as a benign inflation print and another round of solid earnings backed up bullish sentiment—with virtually all of the major indexes moving higher. For the week the S&P 500 rose 0.7%, the Dow Jones Industrial Average advanced 0.8%, the Nasdaq Composite jumped 2.2%, but the Russell 2000 slipped 1.4%.
Stocks on Watch
As I wrote on Friday, breadth in the market has been less than inspiring as of late. Here was some of what I wrote on Friday, followed by further details on this interesting situation:
@Subutrade on X: “Almost 9% of S&P 500 stocks were at 52-week lows yesterday, while S&P 500 was within 1% of an All-Time High. This only happened 3 times before:
-Twice in December 1999 (before March 2000 top)
-July 2015 (before August 2015 crash).”
And here is even more on this worry via @DKellerCMT on X: “Not sure how the breadth could look much worse than this. Every new all-time high for the S&P 500 since June has been marked by less S&P 500 members regaining their 50-day moving average. Healthy bull markets are marked by an expansion in breadth.”
While the breadth is definitely a concern of mine, it’s hard to argue with the indexes making new highs virtually every single week.
And furthermore, via @CarsonGroup on X, we are approaching the best six-month stretch historically of the year for the market (November through April):
I expect that the market will continue to move higher into year-end as fund managers are likely to continue to chase the indexes higher in an attempt to keep up with the gains for the market this year. And historically, we have seen such chases into year end, via @RyanDetrick on X:
“When the S&P 500 is already up more than 15% by October’s close, November and December combined have extended the rally nearly every time—20 out of 21 years, for an extra 4.7% gain on average.”
And while I am bullish into year end, I certainly have my eye on the action under the surface of the market and should it continue to worsen, I will take a more defensive stance with the portfolio.
Volatility
The Chicago Board of Options Exchange Volatility Index (VIX) closed the week at 17.44.
The VIX edged modestly higher last week as traders digested big tech earnings as well as somewhat hawkish signals from the Federal Reserve. And while equities rallied, the boost in the VIX suggests traders are pricing in more uncertainty than in recent weeks … likely due to more earnings to come this week, as well as the continued government shutdown.
Option Order Flow was fairly bullish this past week as my Options Barometer came in at:
Monday – 5
Tuesday – 6
Wednesday – 6
Thursday - 5
Friday – 6
Events for the Week to Come
This week traders once again will be ultra-focused on earnings season as these leading stocks report quarterly results:
Monday: PLTR, HIMS
Tuesday: UBER, SHOP, SPOT, PFE, AMD, ANET, PINS
Wednesday: MCD, HOOD, APP, ARM, QCOM
Thursday: COP, AZN, TTD, DKNG, ABNB
Open Positions
Corning (GLW) March 67.5 Calls – After initially falling on earnings early last week GLW snapped back quickly and closed the week at a new all-time high. Our trade is in great shape.
Coupang (CPNG) March 33 Calls – CPNG will report earnings on Tuesday after the market close and the stock reaction may “make or break” our position.
CSX (CSX) January 32.5 Calls – CSX has given back some of the recent runs to highs, though it still looks great. Our calls remain in good shape.
Deutsche Bank (DB) January 36 Calls – DB surged higher on earnings last week and is once again trading near the 36 level. And while that is good, time is definitely becoming an issue as January expiration is just a couple months away.
Freeport-McMoRan (FCX) May 43 Calls – FCX stock had some ups and downs day-to-day last week, though it was mostly closed unchanged on the week. That being said, there were bursts of wild call buying looking for a big move higher in the coming months.
General Motors (GM) June 70 Calls – GM traded at a new high on Wednesday before pulling back marginally to close the week. I think the stock looks great and option activity remains wildly bullish.
Grab Holdings (GRAB) January 5 Calls (exp. 2027) – GRAB will report earnings today after the market close. Expect a write-up of what the options market is pricing in later today.
Pfizer (PFE) June 27 Calls – PFE continues to chop around aimlessly ahead of earnings on Tuesday morning. Expect a write-up of what the options market is pricing in later today.
Robinhood (HOOD) December 50 Calls – HOOD bounced back nicely from the previous week’s declines, and closed just short of its all-time high ahead of earnings on Wednesday.
Russell 2000 ETF (IWM) January 222 Calls – The IWM pulled back somewhat marginally last week as money rotated back into the AI and hypergrowth stocks. Regardless, our position is in great shape.
Uber (UBER) December 90 Calls – UBER will report earnings Tuesday morning before the market open. Ahead of that report, on Friday a trader bought these bullish positions:
Buyer of 1,000 Uber (UBER) December 105/120 Bull Call Spread for $2.50 – Stock at 97
Buyer of 5,000 Uber (UBER) November 101/110 Bull Call Spread (exp. 11/21) for $2 – Stock at 96.5.
Copyright © 2025. All rights reserved. Copying or electronic transmission of this information without permission is a violation of copyright law. For the protection of our subscribers, copyright violations will result in immediate termination of all subscriptions without refund. Disclosures: Cabot Wealth Network exists to serve you, our readers. We derive 100% of our revenue, or close to it, from selling subscriptions to our publications. Neither Cabot Wealth Network nor our employees are compensated in any way by the companies whose stocks we recommend or providers of associated financial services. Employees of Cabot Wealth Network may own some of the stocks recommended by our advisory services. Disclaimer: Sources of information are believed to be reliable but they are not guaranteed to be complete or error-free. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Buy/Sell Recommendations: are made in regular issues, updates, or alerts by email and on the private subscriber website. Subscribers agree to adhere to all terms and conditions which can be found on CabotWealth.com and are subject to change. Violations will result in termination of all subscriptions without refund in addition to any civil and criminal penalties available under the law.
