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PIPC Trade Alert: CHWY + Update

Chewy (CHWY) has meandered since announcing earnings last week but premiums remain sky high. I believe the stock will continue to trade in a narrow range unless there is a major move in the market. I am recommending we roll the position out one week to generate more income.

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: $52.43

Action:

  • Buy to close the CHWY Sep Monthly (9/18) 52.50 Call for around $0.42
  • Sell to open the CHWY Sep Week Four (9/25) 52.50 Call for around $1.84
  • Set your initial credit limit at $1.42, but adjust as needed to roll today

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

AMAT Sep Week Four (9/25) 57.50 Call

Applied Materials (AMAT) is down about 15% in the past month after being hit by the general sell-off in tech and escalating trade tensions with China. Our call does not expire for another week, so we are simply watching and waiting for now.

Current Stock Price: $56.04

Action: No action is needed at this time

GILD Sep Monthly (9/18) 67 Call

Gilead Sciences (GILD) popped Monday on news it was acquiring biotech Immunomedics (IMMU) for $21 billion in an all-cash deal, but shares have since given back those gains. We also got positive news this week from a combo study involving Gilead Sciences’ remdesivir and a rheumatoid arthritis drug from Eli Lilly (LLY) that show they shortened the recovery time in hospitalized COVID-19 patients.

I expect the stock to trade in a tight range between $64.50 and $66.50. Our call is on track to expire worthless and we will sell another one next week near the top of that range.

Current Stock Price: $64.81

Action: Watch call expire worthless

TGT Sep Week Four (9/25) 152.50 Put

Target (TGT) has pulled back following a post-earnings pop, but I expect the stock’s upward momentum to continue soon. Our call does not expire for another week, so we are simply watching and waiting for now.

Current Stock Price: $149.45

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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