Tom Sosnoff Buying The Uber Stock Dip

On The Drift episode filmed Wednesday, August 5, thinkorswim and tastytrade founder Tom Sosnoff and trader Adam Mesh broke down three of the biggest earnings reactions of the week, and Sosnoff walked through a fresh options trade he had just placed on Uber Technologies (NYSE: UBER) minutes before recording. Sosnoff first addressed the two names that reported after the bell on Tuesday, August 4. "Yesterday, there were two big earnings trades, AMD, which was way inside the expected move, and SpaceX, which was also inside the expected move. So those actually worked out." AMD reported record Q2 revenue of $11.5 billion, up 50% year-over-year, and non-GAAP EPS of $1.66, but the stock still slid roughly 6% to 8% on Wednesday as investor enthusiasm for the Nvidia challenger cooled. SpaceX also fell on its first-ever earnings report as a public company after posting revenue of $7.8 billion and a $541 million loss. For Sosnoff, both stocks moving less than their implied earnings moves means his short-premium options positions worked in his favor. He then pivoted to the name he actively opened a new position in on Wednesday. "There's also Uber, which I don't know if you trade Uber at all, but that stock's down about four bucks. I think the expected move was like six or seven. And if you ever wanted to get long Uber, this is an interesting spot here." Uber shares had sold off during the Wednesday session after the ride-hailing company reported second-quarter results before the open. Uber posted gross bookings of $58 billion, up 22% year-over-year and topping estimates, along with non-GAAP EPS of 81 cents, up 35% year-over-year. But the company issued softer than expected guidance for the third quarter, calling for gross bookings between $58.25 billion and $60.25 billion at a midpoint that came in slightly below Wall Street's roughly $59.33 billion consensus, and adjusted EPS of 84 to 88 cents versus an 89-cent consensus. That guidance pushed the stock down more than 5% during the session, touching a 52-week low of $65.41. Sosnoff then detailed the exact trade he put on before going live. "I just sold some puts in there before I came on the show with you to open. I sold some September, I think the 65 puts. I gotta look at it. I can't remember the price. It's like a buck 80 something I want to say. I'm not 100 sure." A short put position works out for the seller in two ways. If Uber holds above $65 into September expiration, Sosnoff keeps the premium as pure profit. If Uber trades below $65 and gets assigned, he becomes long the stock at an effective cost basis of roughly $63.20 after subtracting the premium collected, which would represent a meaningful discount to where UBER was trading before earnings. His broader read was that Uber is now sitting in a technically interesting spot. "Uber was down like four bucks and I think that's back kind of on its lows, so it's an interesting stock to me looking for something on its lows." Sosnoff, who now leads a new venture called Lossdog after building thinkorswim and tastytrade, has historically favored premium selling strategies on high implied volatility events like earnings, and this Uber trade fits neatly inside that playbook. Just one day after Sosnoff placed the trade, UBER shares were bouncing back on Thursday, up roughly 4% intraday around $70.97, giving his short put position an immediate move in his favor. This clip is from The Drift episode filmed Wednesday, August 5, 2026. #Uber #TomSosnoff #StockMarket 🌐 Find more market-moving insights at https://www.benzinga.com — your one-stop destination for the latest financial news, data, and expert analysis to stay ahead of the markets. 🖥️ Want the same tools the pros use—without the $10K Bloomberg terminal? Benzinga Edge gives you real-time portfolio alerts, weekly stock picks, and pro-grade research in one command center. 👉 https://bit.ly/4unSKiB ------------------------------------------------------------------------------------ 📲 Follow us on socials @benzinga 🔔 Subscribe To The Channel: https://www.youtube.com/@Benzinga ------------------------------------------------------------------------------------ ⚠️ Disclaimer: Investing in financial markets carries risk, and there are no guaranteed returns. All information is for educational purposes only and should not be taken as financial advice. Always do your own research and speak with a qualified financial advisor before making investment decisions. Only invest what you can afford to lose. Past performance does not guarantee future outcomes.