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OIB Trade Alert: CVS, INTC, MU

I am recommending we roll our CVS Health (CVS) and Micron Technology (MU) calls up to higher strikes. While we will have to spend a little cash to do so, we will be capturing more potential appreciation.

Our Intel (INTC) call is deep in the money. I am recommending we allow our shares to be called away. We will continue the position by selling a put after earnings are announced next week, carrying over our net debit.

CVS Oct Monthly (10/16) 58 Call

Current Stock Price: $59.33

Cost Basis: $61.67

Action:

  • Buy to close the CVS Oct Monthly (10/16) 58 Call for around $1.34
  • Sell to open the CVS Oct Week Five (10/30) 59 Call for around $1.12
  • Set your initial debit limit at $0.22, but adjust as needed to roll today

New Cost Basis: $61.89

Expiration: After the close on Friday, Oct. 30

Potential Rate of Return: I am targeting breakeven for this position

INTC Oct Monthly (10/16) 50.50 Call

Current Stock Price: $54.39

Cost Basis: $58.07

Action: Allow shares to be called away

Net Debit: $7.57

MU Oct Monthly (10/16) 50 Call

Current Stock Price: $52.12

Cost Basis: $51.21

Action:

  • Buy to close the MU Oct Monthly (10/16) 50 Call for around $2.16
  • Sell to open the MU Oct Week Five (10/30) 51 Call for around $2.12
  • Set your initial debit limit at $0.04, but adjust as needed to roll today

New Cost Basis: $51.25

Expiration: After the close on Friday, Oct. 30

Potential Rate of Return: I am targeting breakeven for this position

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