Options Watch: NKE Shorts Spike Into Earnings

NIKE is flashing one of the sharpest pre-earnings options signals of the week. Short interest jumped to 5.1% of free float on June 25. That's up from 4.1% just two days earlier — a near one-point spike in 48 hours. Earnings are due imminently. The options chain shows active expiries stacking through July 2 and July 17, suggesting traders are positioning hard around the report.

CRCL is another name drawing attention today. Short interest surged 24% in a single session, hitting 10.5% of free float. The stock fell 3% on the day. Availability sits at 288%, so plenty of shares remain to borrow. That high availability signals bearish conviction isn't yet constrained by supply. Options expiries run weekly through September, giving bears ample room to manoeuvre.

General Mills rounds out the earnings-week options watch. SI sits at 10% of free float. Availability is tighter at 179%. The options chain has a notable cluster at July 17 and September 18, pointing to longer-dated positioning ahead of its fiscal quarter close.

On the macro side, SPY carries the densest options expiry ladder of any name tracked today. Daily expiries run every session through late July. That density typically reflects elevated hedging demand. With chip stocks sliding and crypto selling off sharply, protective flow into index puts looks well-supported heading into the final session of June.