We were assigned shares of Marvell Technology (MRVL) last week. As I said in the previous alert, we will continue to trade this core stock by selling calls to generate income and reduce our cost basis on the position.
Current Stock Price: $37.60
Cost Basis: $62.59
Action: Sell to open the MRVL Oct Week Four (10/28) 39 Call
Current Option Price: $0.91-$0.94
Recommended Limit: Set your initial limit order at $0.92, but adjust as needed to sell a call today
New Cost Basis: $61.67
Expiration: After the close on Friday, Oct. 28
Potential Rate of Return: I am targeting breakeven for this position