Oracle (ORCL) Options Show Unusual Calls Activity Ahead of Earnings

Oracle's (ORCL) options market is experiencing a rare inversion where calls are trading at higher prices than puts. Over the last twelve months, Oracle's stock has decreased by 32% and has a negative free cash flow of $24 billion. Ahead of its fiscal first-quarter report, traders expect an implied price movement of approximately 11%, or roughly $18, on a stock that closed at $161.72. The call open interest for the September 18 expiry stands at 388,159 compared to 234,591 puts, suggesting a stronger demand for upside exposure. This is important for investors as they gauge market sentiment and possible price movements around earnings releases.