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Earn up to $200 this week with options on Oracle, Adobe and Apple
Earnings or major news announcements can trigger sharp share-price movements and higher option premiums as investors position for uncertainty.
For long-term investors who like a stock but would prefer to own it at a lower price, a cash-secured put can offer a simple proposition: set your preferred entry price and collect premium while you wait.
Oracle and Adobe are scheduled to report earnings on 10 September 2026, while Apple’s September event will take place on 9 September 2026. Each company offers a different investment story, from Oracle’s AI infrastructure growth and Adobe’s generative AI transition to Apple’s services and product ecosystem. However, the strategy works the same way in all three cases.
What is a cash-secured put?
A cash-secured put involves selling a put option and reserving enough cash to purchase 100 shares if the option is assigned.
When you sell a put:
- You receive an option premium upfront.
- You agree to buy 100 shares at the strike price if assigned.
- You reserve sufficient cash to meet that obligation.
- If the share price remains above the strike at expiry, the option may expire worthless and you keep the premium.
- If the share price falls below the strike, you may be required to buy the shares.
In simple terms, the strategy allows investors to define a preferred entry price while collecting income for accepting the obligation to buy.
Three cash-secured put examples for 11 Sep expiry
Company | Share price | Put strike | Premium per share | Premium collected | Cash required | Effective cost |
Oracle | US$159.00 | US$140 | US$2.02 | US$202 | US$14,000 | US$137.98 |
Adobe | US$266.82 | US$240 | US$1.90 | US$190 | US$24,000 | US$238.10 |
Apple | US$319.69 | US$300 | US$0.33 | US$33 | US$30,000 | US$299.67 |
1. Oracle: Collect US$202 while targeting a lower entry
Oracle shares were trading around US$159. An investor could sell the 11 September 2026 US$140 put for approximately US$2.02 per share.
Selling one contract would generate:
US$2.02 × 100 = US$202
The investor would reserve US$14,000 to cover the potential purchase of 100 shares. After deducting the premium, the effective acquisition cost and break-even price would be:
US$140.00 − US$2.02 = US$137.98 per share
The selected option has a delta of -0.12 and open interest of 1,874 contracts.
Oracle’s key investment theme is the expansion of Oracle Cloud Infrastructure and growing demand for AI-related computing capacity. However, elevated expectations, substantial data-centre investment and potential delays in customer deployments could create volatility if earnings disappoint.
2. Adobe: Collect US$190 with a US$238.10 effective entry
Adobe shares were trading around US$266.82 ahead of its earnings report. An investor willing to own the company at a lower price could sell the 11 September 2026 US$240 put for approximately US$1.90 per share.
Selling one contract would generate:
US$1.90 × 100 = US$190
The investor would reserve US$24,000. After accounting for the premium, the effective acquisition cost would be:
US$240.00 − US$1.90 = US$238.10 per share
The option has a delta of -0.09 and open interest of 459 contracts.
For Adobe, investors are focused on whether the company can successfully monetise its Firefly AI platform while defending its position against emerging AI-powered creative tools. Leadership changes, competitive pressure and uncertainty over AI pricing could lead to a significant earnings-related move.
3. Apple: Less premium, but a lower target entry
Apple shares were trading around US$319.69. An investor comfortable buying the shares at US$300 could sell a US$300 put for approximately US$0.33 per share.
Selling one contract would generate:
US$0.33 × 100 = US$33
The investor would need to reserve US$30,000. The premium reduces the effective acquisition cost to:
US$300.00 − US$0.33 = US$299.67 per share
The option has a delta of -0.03, implied volatility of 37.53% and open interest of 5,774 contracts.
Apple’s longer-term catalysts include services growth, AI-enhanced products, improvements to Siri and potential new hardware categories. Key risks include weaker iPhone demand, delays in AI execution and slower services growth.
Importantly, the Apple option in this example expires on 11 September 2026, before the stated 26 October earnings date. It should therefore be viewed as a short-term entry strategy rather than a direct earnings trade.
Which setup looks most attractive?
Company | Discount to effective cost | Premium return on cash reserved* |
Oracle | 13.2% | 1.44% |
Adobe | 10.8% | 0.79% |
Apple | 6.3% | 0.11% |
*Before fees and taxes, assuming the option expires worthless.
Oracle offers the richest premium relative to the cash reserved, reflecting higher event risk.
Adobe offers a meaningful discount to the current share price, while still generating a reasonable premium.
Apple is the most conservative setup, but the trade-off is clear: US$33 of premium provides very little downside cushion if the shares fall sharply.
What happens at expiry?
There are three main outcomes.
1. Share price stays above the strike: The option expires worthless and the investor keeps the premium.
Maximum profit is therefore limited to:
- Oracle: US$202
- Adobe: US$190
- Apple: US$33
2. Share price falls modestly below the strike: The investor may be assigned and required to buy 100 shares. The premium lowers the effective purchase price, but the shares can still trade below that level.
For example, if Adobe closes at US$235, the effective cost remains US$238.10, leaving an unrealised loss of US$3.10 per share.
3. Share price falls sharply: The investor is still obligated to buy at the strike price. The premium provides only limited downside protection.
Key risks
Cash-secured puts avoid the leverage of uncovered option selling, but they still carry meaningful risk:
- Downside exposure: losses can be substantial if the stock falls sharply.
- Limited protection: the premium only cushions part of the decline.
- Assignment risk: you may have to buy 100 shares at the strike.
- Event volatility: earnings and guidance can trigger large moves.
- Capital commitment: the reserved cash cannot be deployed elsewhere.
- Limited upside: if the stock rallies, you keep only the premium.
- Liquidity: bid-ask spreads and transaction costs can reduce returns.
The bottom line
Cash-secured puts can make sense for investors who already want to own Oracle, Adobe or Apple — but only at a lower price.
Instead of placing a limit order and waiting, investors collect premium for accepting the possibility of assignment.
But this is not “free income.” The key question remains:
If the stock dropped sharply tomorrow, would you still be happy owning 100 shares at your chosen strike?
If the answer is yes, the premium is a bonus. If the answer is no, the trade probably should not be placed.