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Income Masters Trade Alert: BBY

Best Buy (BBY) is set to report earnings tomorrow. I am recommending we roll our call out two weeks and to a higher strike price to capture more potential appreciation.

Let’s also spend some cash to buy a protective put in case shares sell off following the announcement.

Current Stock Price: $100.61

Cost Basis: $100.53

Action:

  • Buy to close the BBY Mar Week One (3/4) 100 Call for around $6.10
  • Sell to open the BBY Mar Monthly (3/18) 102 Call for around $6.10
  • Set initial credit limit at $0, but adjust as needed to roll today
  • Buy to open the BBY Mar Week One (3/4) 90 Put for around $1.74, but adjust as needed to buy a put today

New Cost Basis: $102.27

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