Mike Khouw: Google Lost Nearly $500 Billion This Week; Short-Strangle Trade Targets $250-$325 Range

According to CNBC, Alphabet shares fell more than 12% to $285 after its Q3 2026 earnings report, wiping nearly $500 billion from its market value. Options trader Mike Khouw proposed a short-strangle strategy targeting a $250-$325 trading range through the Dec. 18, 2026, expiration, based on his view that downgrades and technical weakness could limit a near-term recovery. Alphabet reported 103% growth in Cloud revenue but missed earnings estimates, posting $2.12 per share versus the $3.02 estimate.