IBM is offering a rare gift: 49.5% implied volatility on a stock that barely moves. At $253.84, Big Blue sits comfortably above our $235 strike with 31 days to expiration, collecting $6.35 in premium for what amounts to a 2.7% cushion on a stock with a 0.58 beta.
The setup screams classic value play with a modern twist. IBM's quantum computing partnerships are making headlines—the feds just dropped $2 billion into the space, and IBM's positioning itself as the infrastructure play. Meanwhile, the Abertis mobility deal and India workforce initiatives show a company diversifying beyond its legacy mainframe reputation. With a 15.6% profit margin and 2.66% dividend yield, the fundamentals aren't flashy but they're solid.
The technical picture tells a more nuanced story. Trading above the 50-day moving average ($237.93) but well below the 200-day ($269.97), IBM is caught in no-man's land. That $278 analyst target suggests 9.5% upside, but the real play here is time decay. At -0.265 delta, we're selling puts with minimal directional risk while collecting premium that annualizes to roughly 25%.
The broader tech rotation has left IBM overlooked—investors chase AI darlings while ignoring the infrastructure providers. That myopia creates opportunity. Today's other put sales across STM, CSCO, and TXN suggest we're hunting value in the tech wreckage.
Watch for quantum computing developments and Q4 earnings guidance. IBM's transformation story needs proof points, but at these prices and with this premium, we're getting paid handsomely to wait.
Today's Atlas Trades
MT — Short Put
- Strike: $61.0
- Expiration: 2026-06-26
- Premium: $1.71
- Stock Price: $66.08
- IV: 51.2%
- Delta: -0.264
- DTE: 31
ZM — Short Put
- Strike: $98.0
- Expiration: 2026-06-26
- Premium: $3.04
- Stock Price: $105.64
- IV: 52.7%
- Delta: -0.279
- DTE: 31
SCCO — Short Put
- Strike: $170.0
- Expiration: 2026-06-26
- Premium: $5.22
- Stock Price: $179.67
- IV: 46.7%
- Delta: -0.309
- DTE: 31
IBM — Short Put
- Strike: $235.0
- Expiration: 2026-06-26
- Premium: $6.35
- Stock Price: $253.84
- IV: 49.5%
- Delta: -0.265
- DTE: 31
SIRI — Short Put
- Strike: $27.5
- Expiration: 2026-06-26
- Premium: $0.82
- Stock Price: $28.89
- IV: 44.0%
- Delta: -0.318
- DTE: 31
STM — Short Put
- Strike: $61.0
- Expiration: 2026-06-26
- Premium: $1.73
- Stock Price: $66.86
- IV: 54.8%
- Delta: -0.250
- DTE: 31
BEKE — Short Put
- Strike: $15.0
- Expiration: 2026-06-26
- Premium: $0.38
- Stock Price: $16.40
- IV: 51.0%
- Delta: -0.243
- DTE: 31
CSCO — Short Put
- Strike: $115.0
- Expiration: 2026-06-26
- Premium: $3.57
- Stock Price: $120.41
- IV: 44.1%
- Delta: -0.328
- DTE: 31
CMCSA — Short Put
- Strike: $23.0
- Expiration: 2026-06-26
- Premium: $0.57
- Stock Price: $25.20
- IV: 51.1%
- Delta: -0.239
- DTE: 31
SRPT — Short Put
- Strike: $16.0
- Expiration: 2026-06-26
- Premium: $0.57
- Stock Price: $16.80
- IV: 49.4%
- Delta: -0.333
- DTE: 31
OCUL — Short Put
- Strike: $7.5
- Expiration: 2026-06-26
- Premium: $0.19
- Stock Price: $8.23
- IV: 51.6%
- Delta: -0.238
- DTE: 31
TXN — Short Put
- Strike: $280.0
- Expiration: 2026-06-26
- Premium: $8.38
- Stock Price: $309.21
- IV: 58.3%
- Delta: -0.246
- DTE: 31