Texas Instruments (TXN) has lagged the overall tech and semiconductor sectors so far in 2025, but Rick Ducat examines the recent uptrend channel taking place ahead of earnings. Additionally, Rick says open interest is focusing on the Aug. 15 monthly strikes. Later, Tom White illustrates an example trade using a put calendar. He maps out the reasons why it is bearish and why the trade is structured after TXN's earnings event.