I'm using put options to trade its 3Q earnings

copy and paste from Morgan Stanley:



IBM has been on a nearly unprecedented run in the last 3 months, outperforming the S&P 500 by 20 points since 2Q earnings. IBM is now trading at all-time valuation highs on an absolute and relative basis. This momentum has been driven by 3 prevailing bull theses:

(1) excitement around growth accelerating in CY25 with ELA/Mainframe cycles and the HCP acquisition,

(2) the view that IBM is/will be an AI beneficiary,

and (3) an expectation that RHT will be a beneficiary of volatility at VMW.