I am recommending we close our First Solar (FSLR) and Western Digital (WDC) puts at a profit.
Our QuantumScape (QS) call is on track to expire worthless. The stock has sold off sharply since we initiated the position in early April. As I said then, QuantumScape is a speculative company, as well as a speculative stock. It is unlikely to recover soon, so I plan to recommend selling our shares at a loss on the next bounce.
With Target (TGT) running up this week, I am recommending we roll the short leg of our LEAP call spread to a higher strike. We will collect more cash for doing so.
FSLR Jul Week Two (7/9) 90 Put
Current Stock Price: $91.56
Cash in Hand: $0.64
Action: Buy to close the FSLR Jul Week Two (7/9) 90 Put for around $0.12
Profit: $0.52, or $52 per contract
QS Jul Week Two (7/9) 29.50 Call
Current Stock Price: $24.69
Cost Basis: $34.34
Action: Watch call expire worthless
TGT Mar Monthly (3/18) 200/Jul Week Two (7/9) 250 Call Spread
Note: No action is needed on the TGT Mar Monthly (3/18) 200 Call at this time.
Current Stock Price: $248.87
Cost Basis: $51.50
- Buy to close the TGT Jul Week Two (7/9) 250 Call for around $0.27
- Sell to open the TGT Jul Monthly (7/16) 252.50 Call for around $1
- Set initial credit limit at $0.73
New Cost Basis: $50.77
WDC Jul Week Two (7/9) 68.50 Put
Current Stock Price: $69.77
Cash in Hand: $0.54
Action: Buy to close the WDC Jul Week Two (7/9) 68.50 Put for around $0.11
Profit $0.43, or $43 per contract