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Income Madness Trade Alert: WBA

CVS Health (CVS) delivered strong second-quarter results today and raised its outlook for the year. The stock is rallying, but investor enthusiasm did not spill over to competitor Walgreens Boots Alliance (WBA).

I am recommending we roll our WBA put out two weeks and to a lower strike to generate more income and reduce our net debit on the position.

Current Stock Price: $39.03

Net Debit: $6.96

Action:

  • Buy to close the WBA Aug Week One (8/5) 39 Put for around $0.33
  • Sell to open the WBA Aug Monthly (8/19) 38.50 Put for around $0.77
  • Set initial credit limit at $0.44, but adjust as needed to roll today

New Net Debit: $6.52

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