FSLR reported earnings last night. No idea what the numbers were, but I saw the price reaction. The stock rallied from 175 to 193, only to be taken down (probably during the conference call) and it's trading at 155 right now.
None of this bothered me, because the way I set up my earnings play for FSLR, I made money on a range rather than a direction.
This was the trade I sent out to my subscribers:
SELL -2 IRON CONDOR FSLR 100 AUG 09 190/195/140/135 CALL/PUT @1.90 LMT
You can see the full post here.
This trade makes money on the name as long as it stays within 138 and 192 by expiration, so we're doing well.
On top of that, there was a good bit of implied volatility in the options, so when the markets open and volatility gets crushed in the name, we make money that way as well.
The one problem with iron condors for earnings is the gamma risk. I nearly had a heart attack when it tagged 193, but there had been clear resistance from the range established in May-Jun.