Options markets are flashing caution signals on several names heading into a busy earnings stretch this week.
FNF — Fidelity National Financial — is showing the sharpest defensive tilt. Traders are buying puts ahead of its June 10 results. FNF carries just 3% short interest, yet options positioning has turned notably bearish. The June 18 expiry is the nearest available contract, concentrating all the risk into a tight window.
DKS — DICK'S Sporting Goods — tells a different story. Short interest sits at 10.6% of free float. Options traders are loading defensive bets ahead of Wednesday's print. The June 18 and June 26 expiries are seeing the most activity. That combination of elevated short interest and protective puts raises the squeeze risk if results surprise to the upside.
RBRK — Rubrik — is the bullish outlier. Its ORTEX momentum score has climbed from 48 in early May to 74 by June 5. Analysts have been lifting price targets ahead of Wednesday's earnings call. The stock carries 10.2% short interest. A strong beat could catch shorts off guard.
Meanwhile, NVDA options show an unusually dense expiry ladder — 25 contracts between now and September. That signals heavy hedging activity across the chip space. The Nasdaq's 4% drop this week, led by AI and memory stocks, likely drove much of that defensive positioning.
Chip-linked names and earnings plays dominate options flow right now. Caution is the dominant theme.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
