Options Market Statistics: Traders Purchase a Large Number of Calls on BofA After Earnings Beat

Shares of chipmaker Nvidia Corp. were seen outperforming the broader market and peers in premarket trading on Tuesday. The upward move came after HSBC upgraded the stock from Reduce to Buy and upped the price target from $175 to $355. The AI opportunity for the company more than offsets previous concerns about data center slowdown and rising inventory levels, the firm said.

Bank of America reported a 15% increase in net income to $8.2 billion, or 94 cents a share, from $7.1 billion, or 80 cents a share, in the year-ago quarter. The company beat the analyst forecast of 81 cents a share, according to estimates compiled by FactSet. Bank of America said its revenue increased 13% to $26.3 billion, ahead of the analyst estimate of $25.16 billion.

Netflix reported first-quarter revenue of $8.16 billion, which was up 3.7% year-over-year. The revenue missed a Street estimate of $8.18 billion. Netflix Inc.'s stock falls Tuesday, after the streaming giant posted weaker subscriber growth and forecast a smaller profit than Wall Street expected. But shares later recovered on company disclosures that its new ad-supported service is a success and its crackdown on shared accounts in the U.S. is coming this quarter.