3. What am I missing about playing earnings? LULU COST MU

What am I missing about playing earnings? LULU COST MU

Here's an example of why I don't usually like to hold options when earnings are released. I mean, I've done it and will do it again, but not usually. I have to be very certain about it (like DE puts, that was sweet).

Look at VEEV. On 11/26 earnings beat, revenues beat, raised guidance & analyst upgrades. Should go up, right? 11/27 opened +6, tanked immediately & closed -6 with a 21pt swing between high & low. It's been 3 weeks and it still hasn't recovered.

I bought Dec $150 calls a day or two after earnings thinking it would continue the uptrend leading up to earnings. Nope, didn't happen. Ended up selling for a loss a few days later. With 2 weeks until expiration I wasn't holding & hoping with this.

Anyway, something similar might happen with MU on Thu (I dunno). So, don't count your puts out just yet. Personally, I don't think the earnings and guidance were all that great. Earnings guidance is .29-.41 and estimates are .41. Lot's of uncertainty there. Revenue guidance is higher - so sell more, earn less & that's something to be happy about? With this market, who the fuck knows.

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