Abbot Laboratories (ABT) announced better-than-expected fourth-quarter earnings results ahead of the open today. Boosted by the demand for Covid-19 test kits and its diagnostics products, the company reported profits of $1.32 per share, beating analyst estimates by 11 cents, as well as a revenue beat. However, ABT is down 1.9% to trade at $120.90 at last check, as the healthcare name also lowered its 2022 forecast due to the uncertainty of the pandemic.

After lingering near its Dec. 27 record high of $142.60, ABT pivoted lower, down 14% year-to-date. Today, the stock briefly dipped below its 320-day moving average – a trendline that supported the equity during two pullbacks this year — for the first time since April of 2020.

REFINITIV EIKON

It's worth noting that ABT could be due for a short-term bounce, however. The stock's Relative Strength Index (RSI) of 11.6 sits firmly in "oversold" territory.

Over in the options pits, calls are being picked up at double their intraday average today. So far, 18,000 calls have crossed the tape, in comparison to 7,113 puts. The January 2023 125-strike put and the weekly 1/28 120-strike call are the most popular contracts, with new positions being opened at the latter.