Earnings Week Puts Options Traders on Edge

Options markets are buzzing ahead of a packed earnings calendar. Micron Technology, FedEx, lululemon, and Accenture all face key expiries this week.

Micron: The Most Active Name

MU has the densest expiry calendar of the group. Contracts run from June 24 through September 24. The $70 put strike drew 1,179 contracts in a single session. The $80 put saw 3,630 contracts trade, with open interest of 1,955. Both strikes sit well below the current price. That heavy put volume suggests traders are buying downside protection ahead of earnings.

MU carries an ORTEX total stock score of 91.0. Its momentum sub-score hit 92.5 last week before easing to 90.6. Short interest is just 3.3% of free float. Options activity stands out as the more telling signal right now.

FedEx and Accenture: Cuts Draw Attention

Analysts cut targets on ACN this week. Its options chain shows active July 17 contracts. Short interest is 4.4% of float. FDX reports soon with a thin expiry chain and SI of just 1.7%.

lululemon: Bears Still Present

LULU carries 7.5% short interest. Its availability sits at 740%, meaning plenty of borrow is still in the market. July puts are active across the $250–$290 range ahead of its upcoming print.

Traders appear cautious across all four names. Heavy put open interest heading into earnings week signals the market is pricing in two-sided risk. Watch MU's reaction closely — it often sets the tone for the broader chip sector.

This is not financial advice.