Can Adobe Stock Snap its Post-Earnings Losing Streak?

Adobe Inc (NASDAQ:ADBE) is gearing up for its fiscal third-quarter earnings report, due out after the close tomorrow, September 11. Wall Street anticipates earnings of $5.17 per share on revenue of $5.9 billion, representing a year-over-year increase of 11.2% and 9%, respectively. Ahead of the event, options traders are betting bearishly.

Maybe that's because Adobe stock hasn't had much luck following its recent reports. The shares finished lower after its last four post-earnings sessions, and only closed one higher over the last two years (a 14.5% pop in June of 2024). This time around, the options pits are pricing in a 14.8% swing, regardless of direction, on September 12, which is slightly higher than the 10% move the stock has averaged over the last eight reports. 

While calls outnumber puts on an absolute basis, the rate of put buying has picked up lately. On the International Securities (ISE), Cboe Options (CBOE) and NASDAQ OMX PHLX (PHLX) -- ADBE's 10-day put/call ratio of 0.98 sits in the 98th percentile of annual readings.