>>> September 20, 2012 Oracle Preview: Seven Earnings to Watch Next WeekInvestors buying call options before the release, and who were fortunate enough to sell at or near the top, did marginally well. All other call buyers had their heads handed to them, especially if they didn't exit the following day. Put buyers didn't fare much better because of time-premium (implied volatility) evaporation, following the release. The December 18 earnings release shares much in common with the September release. $2 higher at the peak, followed by six days of lower closes. A straight call option purchase may have resulted in a respectable gain, if closed out near the high of the day, but again, how do you know when the high is upon us? The simple answer is, you most likely don't, and that leaves much to chance.