I am recommending we roll our Best Buy (BBY) and Micron Technology (MU) calls out one week to generate more income and reduce our cost basis on the positions.
BBY Jul Monthly (7/15) 70 Call
Current Stock Price: $70.29
Net Debit: $93.55
Action:
- Buy to close the BBY Jul Monthly (7/15) 70 Call for around $1.08
- Sell to open the BBY Jul Week Four (7/22) 70 Call for around $2.11
- Set initial credit limit at $1.03, but adjust as needed to roll today
New Cost Basis: $92.52
MU Jul Monthly (7/15) 60 Call
Current Stock Price: $58.04
Net Debit: $68.25/$71.70
Action:
- Buy to close the MU Jul Monthly (7/15) 60 Call for around $0.11
- Sell to open the MU Jul Week Four (7/22) 60 Call for around $0.79
- Set initial credit limit at $0.68, but adjust as needed to roll today
New Cost Basis: $67.57/$71.02