Oracle options are showing a rare inversion in which calls trade richer than puts, a signal flagged by Julia Spina, head of research at IG Group North America, ahead of the company's fiscal first-quarter report expected after the close on September 10 but not company-confirmed. Spina told CNBC the implied move sits at about 11%, or roughly $18 on a stock that closed at $161.72, roughly in line with realized reactions of about 8.5% to 10.8% over the past three earnings cycles. Oracle's full-chain put/call ratio sits at 0.52, with September 18 call open interest of 388,159 against 234,591 puts, while the December 18 contract carries a 0.14 ratio. The skew comes as Oracle shares are down 32.27% over the past year and 16.22% year-to-date, with free cash flow of negative $23.69 billion in fiscal 2026, capex guided to roughly $70 billion in fiscal 2027, and plans to raise about $40 billion in debt and equity including a $20 billion at-the-market equity program. The bull case rests on remaining performance obligations that surged to $638 billion in the fiscal fourth quarter, up 363% year over year, with management guiding fiscal 2027 revenue to about $90 billion and non-GAAP EPS of $8.05, while Microsoft carries commercial remaining performance obligations of $678 billion and Amazon posted 37% AWS growth in its second fiscal quarter, both funding capacity buildouts from operating cash flow.
Amazon.com Inc
Microsoft CorporationOracle CorporationOptions skew, negative FCF, $70B capex, $40B debt/equity raise and Q1 report expectations are all financial/valuation matters.
