Earnings Options Scan — Week of 2026-06-15
Algolearn.AI June 14, 2026 3 min read 2 views
Earnings 2026-06-15 ? 2026-06-28 · 2 trades · 2 watchlist
Automated weekly scan of large/mid-cap names reporting earnings between 2026-06-15 and 2026-06-28. Each idea is defined-risk and built from live options-chain data. Not investment advice.
Trades
1. MU — Micron Technology, Inc. (iron condor)
| Earnings | 2026-06-24 (AMC) |
|---|---|
| Expiration | 2026-06-26 |
| Legs | +1 790P / -1 870P / -1 1190C / +1 1310C |
| Entry | +$34.00 credit per iron condor (put spread $19.75 + call spread $14.23, all mid-market) |
| Max risk / reward | $8600 / $3400 · breakeven $836.00 – $1,224.00 |
| P&L | +18.3%: +$3,400 (stock at ~$1,171 stays below 1190 short call; all four legs OTM) · -18.3%: -$2,706 (stock at ~$809; short 870P intrinsic $61.06 minus $34.00 total credit) · flat: +$3,400 |
| IV | ATM IV 121.2% · expected move 18.3% · expected 18.3% vs hist 12.0% ? 52% overpriced; ATM IV 121%; even the worst recent quarter (-16.2% Dec-24) leaves the 1190 short call untouched |
| Thesis | Micron reports Q3 FY2026 AMC June 24 with the Jun-26 weekly pricing an 18.3% move at 121% ATM IV. The 5-quarter trailing average realized absolute move is 12.0% (Mar-25: -8.0%, Dec-24: -16.2%, Sep-24: +14.7%, Jun-24: -7.1%, Mar-24: +14.1%), making implied premium ~52% richer than history. The short 870P is positioned at the historical average downside level (12% below spot), making this a bet the actual move is at or below that average; the short 1190C sits 20% above spot, outside every recent upside quarter. MU options are highly liquid (ATM call spread 3.3%), enabling clean four-leg entry. Call-side wing (1310C) is wider at 120 pts, setting max risk at $8,600/contract on an extreme upside breakout above $1,310. |
| Enter by | 2026-06-23 by 3:45 PM ET |
2. FDX — FedEx Corporation (bull put spread)
| Earnings | 2026-06-23 (AMC) |
|---|---|
| Expiration | 2026-06-26 |
| Legs | -1 317.5P / +1 302.5P |
| Entry | +$3.00 credit per spread (mid-market; 302.5P bid/ask is $2.20–$4.25, use limit order, accept $1.75–$3.00) |
| Max risk / reward | $1200 / $300 · breakeven $314.50 |
| P&L | +8.1%: +$300 (both puts OTM at ~$366) · -8.1%: -$369 (stock at ~$311; short 317.5P intrinsic $6.69 minus $3.00 credit) · flat: +$300 |
| IV | ATM IV 52.5% · expected move 8.1% · expected 8.1% vs hist 6.9% 8-qtr median ? 17.5% overpriced; 13.7% put skew makes puts the richly-priced leg; call side avoided due to 20.8% ATM call spread |
| Thesis | FedEx reports Q4 FY2026 AMC June 23 after a ~21% gap-down from $411 to $324 on June 1, followed by two weeks of base-building in the $319–$342 range. That prior gap likely pre-cleared much of the negative narrative, and the persistent 13.7% put skew signals downside protection remains expensive—creating a pure put-premium harvest opportunity. The short 317.5P sits 6.1% below spot; at the 8-quarter median realized move of 6.9% down the stock lands at ~$315, essentially at the $314.50 breakeven, meaning this spread captures full credit at all historical-average-or-better outcomes. The long 302.5P wing caps max loss at $1,200/contract. Call-side options are too illiquid to add (20.8% ATM call spread) so this is a single-sided put spread only. |
| Enter by | 2026-06-23 by 3:45 PM ET |
Watchlist
- ACN — Highest IV overpricing in the scan: expected 8.69% vs 5.4% historical average (61% premium). Trade is impractical this cycle: BMO June 18 report with same-day expiry creates 0DTE gamma risk; the 15-delta call wing (212.5C) has a zero bid making a protective IC unexecutable; a bull put spread (167.5P/160P) leaves the short strike only $2.80 above spot—insufficient cushion for a day-of-earnings open. Revisit September 2026 quarter if options structure improves.
- CBRS — Cerebras Systems' first public-company earnings (AMC June 23); implied move 20.8% with 110% ATM IV and 10.5% put skew, but zero historical baseline for comparison. ATM call spread of 11.6% signals thin options market. No trade until 2+ quarters of realized-move data establish a pricing anchor.
Expected vs. historical moves
| Ticker | Expected | Historical avg | Verdict |
|---|---|---|---|
| MU | 18.3% | 12.0% | OVERPRICED |
| ACN | 8.7% | 5.4% | OVERPRICED |
| FDX | 8.1% | 6.9% | OVERPRICED |
Generated 2026-06-14 14:18 UTC by the AlgoLearn earnings scanner. Defined-risk options ideas for informational purposes only — not investment advice.
https://pagerankcafe.com/pressRelease/blog/earnings-scan-2026-06-15
