thetaOwl
HomeOptionsLRCXReports

LRCX

Lam Research CorporationClose $389.04EOD only
Max Pain
$347.50
Next expiry Jun 26, 2026
Expected Move
±$34.45
8.9% from close
Price Gap
-41.54
Distance to max pain
IV Rank
100
High premium
P/C OI
1.32
Slightly put-heavy
Consensus
7.0/10
Downside lean
Published snapshot: Jun 18, 2026 close
End-of-day snapshot

This page reflects LRCX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 18, 2026 close
LRCX Earnings Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Earnings Verdict

LRCX pre-earnings shows heavy put skew and high IV, but 100% beat rate and gamma pinning at $340. Confidence high at 8/10.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.4% from MP; +1 VIX 16
Most important: 100% beat rate and strong gamma support at $340 provide bullish tailwind, but deep put buying warns of downside hedging.
📊100% beat rate over 5 quarters supports bullish bias.
⚠️Heavy put buying at deep OTM strikes ($240, $140) signals hedging.
📈IV term structure upward sloping; premiums elevated.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$340.00 — Approx — based on put OI concentration of 22,654 (12.6% below spot)

Earnings Overview

Next earnings: 2026-07-29 (41 days)explicit

Expected moves:

  • 2026-06-26 (8d): ±$34.45 (8.9%)
  • 2026-07-02 (14d): ±$44.97 (11.6%)
  • 2026-07-10 (22d): ±$56.18 (14.4%)

IV Setup

Term structure: Upward sloping: 8d ±8.9%, 14d ±11.6%, 22d ±14.4%.

Crush estimate: Expected 20-30% IV drop post-earnings.

Skew: Put skew elevated; put/call OI ratio 1.32, unusual put activity at $240, $370, $140.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Historical moves not provided; assume in line with implied due to 100% beat rate.

Directional bias: Bullish bias given 5/5 consecutive beats.

Key Levels

1$340.00 gamma flip
2EM guardrails: 1w $354.59/$423.49
3Max pain pins: $340 (2026-06-18); $348 (2026-06-26); $325 (2026-07-02)

Flow Highlights

Large put block at $240 (Aug 2026) with 19.9x vol/OI.

Bearish hedge or directional bet on significant downside.

Heavy put volume at $370 (Jun 26) and $310 (Jul 10).

Short-term downside protection accumulating.

Strategies

Bullish call diagonal
Sell 2026-06-26 $412.50 call / buy 2026-07-24 $400.00 call
Debit: $21.76-$26.59
Max loss: $26.59
Max gain: Variable
BE: Path-dependent
Trigger: Roll short call if breached; adjust spread width.
Best fit for bullish bias and upward sloping term structure; captures time decay and volatility expansion.
Outperforms: Sell short call, buy later-dated call to profit from vol crush and directional drift.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-07-02 $355.00 put + sell $430.00 call
Credit: $16.38-$20.02
Max loss: Unlimited
Max gain: $20.02
BE: 334.98 / 450.02
Trigger: Add wings if risk tolerance low; monitor gamma.
High IV and historical beats favor limited moves; captures premium crush.
Outperforms: Sell OTM put and call to profit from time decay and IV drop.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Iron condor
Sell 2026-06-26 $370.00/$350.00 put wing and $412.50/$437.50 call wing
Credit: $8.69-$10.63
Max loss: $14.37
Max gain: $10.63
BE: 359.37 / 423.13
Trigger: Adjust wings if price approaches short strike. Liquidity warning: Liquidity constraints: long_put: Wide spread (54%).; long_call: Wide spread (72%).
Low liquidity but capital-efficient for range-bound outcome.
Outperforms: Sell put and call spreads to collect premium within a range.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!High IV (VIX 16) amplifies premium decay risk.
!Earnings 41 days out; time decay accelerates.
!Put skew suggests market pricing downside risk.
!Spot above max pain ($340) but below resistance ($434), range uncertainty.

What to Watch

?Watch $340 gamma flip level for potential pinning.
?Monitor unusual put activity for continued hedging.
?Earnings date 2026-07-29; watch for guidance changes.
?Call OI wall at $460, put floor $220-$340.
How to Use These Reports
This earnings reflects the market close on June 18, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.