Micron Technology (MU) is rallying today. I am recommending we roll our call out two weeks to avoid having our shares called away and to capture more potential appreciation. We will also be generating some income to reduce our cost basis on the shares.
Note: No action is needed on the MU May Monthly (5/20) 65/60 Put Spread at this time.
Current Stock Price: $72.09
Cost Basis: $73.03
- Buy to close the MU May Week Two (5/13) 69 Call for around $3.02
- Sell to open the MU May Week Four (5/27) 71 Call for around $3.65
- Set initial credit limit at $0.63, but adjust as needed to roll today
New Cost Basis $72.40