Piper Jaffray analyst Neely Tamminga and the firm's consumer team dropped the low end of their holiday sales growth estimate to a range of 3%-4%, from 3.5%-4%, citing evidence of muted spending intentions, but added in a note to investors that the calendar set-up and "just-in-time" consumers may make this holiday season very back-end weighted. Tamminga, who advises investors to focus more on stories that stretch into 2016 instead of just the holiday, names J.C. Penney (JCP) as the firm's top pick in the space for 2016, adding that the team also likes Kohl's (KSS), Abercrombie & Fitch (ANF), Express (EXPR), Wayfair (W) and Ascena Retail (ASNA).

Bullish option flow detected in Abercrombie & Fitch with 2,715 calls trading, 1.2x expected, and implied vol increasing almost 2 points to 57.10%. 4/26 weekly 103 calls and 5/3 weekly 103 calls are the most active options, with total volume in those strikes near 800 contracts. The Put/Call Ratio is 0.52. Earnings are expected on May 29th.

Bullish option flow detected in Wayfair with 10,218 calls trading, 1.2x expected, and implied vol increasing almost 4 points to 81.40%. May-24 60 puts and Sep-24 60 calls are the most active options, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 0.64. Earnings are expected on May 2nd.

New option listings for April 24th include PROSHARES ULTRA BITCOIN ETF (BITU), Five Star Bancorp (FSBC), PROSHARES ULTRASHORT BITCOIN ETF (SBIT), and Sera Prognostics Inc (SERA). Option delistings effective April 24th include Express, Inc. (EXPR).

TD Cowen raised the firm's price target on Wayfair to $55 from $50 and keeps a Hold rating on the shares. The firm said they expect the company to report revenue and EBITDA slightly below current consensus estimates when it reports earnings.