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PIPC Trade Alert: CHWY + Update

With Chewy (CHWY) trading well above the strike price of our call, I am once again recommending we roll to a higher strike to capture more appreciation.

Note that the spreads between the bid and the ask on CHWY’s options are wide, so work your limits as needed.

If you are not currently in a CHWY position, please do not enter one at this time. I will alert you when it is time to initiate a position.

Current Stock Price: $56.55

Action:

  • Buy to close the CHWY Aug Monthly (8/21) 49.50 Call for around $7.05
  • Sell to open the CHWY Aug Week Four (8/28) 50 Call for around $7.05
  • Set your initial credit limit at $0, but adjust if needed to roll today

And here’s where we stand with our Perpetual Income Portfolio Club positions heading into the weekend.

AMAT Aug Monthly (8/21) 67 Call

Applied Materials (AMAT) is coming back down to earth after a post-earnings spike and on weakness in the broader chip sector.

Our call is on track to expire worthless, and we will sell another one next week.

Current Stock Price: $62.72

Action: Watch call expire worthless

GILD Aug Monthly (8/21) 70 Call

Gilead Sciences (GILD) is drifting down toward the $65 support level, which I see as a great entry point for new money.

Our call is on track to expire worthless, and we will sell another one next week.

Current Stock Price: $65.98

Action: Watch call expire worthless

TGT

We sat this week out to avoid Target’s (TGT) earnings announcement. Shares shot up following the stellar report, which blew through analysts’ forecasts.

Second-quarter revenue rose nearly 25% to $23 billion, while net income was up more than 80% to $3.35 per share. Comparable sales increased a record 24.3%, but even more impressive were digital comparable sales, which shot up 195%.

I hope to see the stock find support at $150, so we will wait until next week before deciding what put to sell.

Current Stock Price: $155.13

Action: No action is needed at this time

Disclosure: I have positions or trade in and out of AMAT, CHWY, GILD and TGT.

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