NaughtyPines

EARNINGS PLAYS THIS COMING WEEK -- FDX, ORCL

NYSE:FDX   FEDEX CORP
Only two earnings plays stick out to me this coming week -- FDX             and ORCL             , both of which announce earnings on 12/16 (Wednesday) after market close, so look to put on setups before NY close on Wednesday.

Currently, FDX's 52 week IVR             is at 54 (IV 34), which isn't stellar             , but it's at 92 for the past six months. Moreover, there is pretty good credit to be had whether you go short strangle or iron condor, so I imagine I'll play that one way or another if the IV sticks in there.

ORCL             ( IVR             75/IV 35) isn't looking all that hot, frankly, because I can't get 1.00 in credit with either a short strangle or iron condor (a Dec 24 34.5/39.5 short strangle will only get you a .61 credit at the mid price right now, which isn't anything to go crazy over; a same expiry iron condor just isn't worth it). Nevertheless, we could see a greater volatility pop toward earnings that makes it a little bit more worthwhile such that I'll play just because there isn't that much else worthwhile to do ... .

(Of course, there is that all FOMC thing next week, too).

Comment: With this being so close to FOMC, I'm probably going to pass on the play, since I won't be able to have my eyes on the chart and undue broader weakness or strength could play havoc ... . Not that I dislike havoc -- just can't having it messing with the play ... .
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