On Thursday, Procter & Gamble Co. (NYSE: PG) reported that its first-quarter earnings fell 1%, but earnings exceeded forecasts. Furthermore, the consumer products giant hiked projections for the year, in a sign that its efforts to boost sales may be starting to pay off. For the quarter ended Sept. 30, PG posted earnings of $3.31 billion, or $1.06 a share, compared with $3.35 billion, or $1.03 a share, a year earlier. Per-share results rose as shares outstanding fell. Earnings from continuing operations climbed to 97 cents from 96 cents. Revenue declined 6% to $19.81 billion.
In response to the earnings, the security saw some heavy call trading, as more than 67,100 call contracts changed hands in the front three months of options. This volume was more than double the stock's average daily call trading volume of 28,523 contracts.
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