CEG — Aug 230/210 put credit spread
Constellation reports August 6 with new PPA contracts and nuclear capacity utilization on the watch list, and the chain prices a 13.7% move by August 21 into that print. The Aug 230/210 put credit spread collects 4.30 on a 20-point width with the short strike 8.5% below spot, harvesting the pre-print premium while keeping max loss defined at 15.70.
- Ticker: CEG
- Direction: Bullish
- Risk profile: earnings
- Confidence: medium
- Catalyst: Q2 2026 earnings (2026-08-06)
- Cohort: 2026-07-12
- Expires: 2026-07-19
- Max loss: $15.70
- Max gain: $4.30
Structure
- short put 230 2026-08-21
- long put 210 2026-08-21
Signals
- Earnings catalyst: Aug 6 BMO; watch: new PPA contracts, nuclear utilization (hot) (DB)
- Power vs chips divergence: power names held while semis dropped 6% on Meta glut report (web_search)
What invalidates this thesis
A print without new PPA announcements plus another sector-wide compression week sends the stock through the 230 short strike before theta does its work.