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PIPC Update

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

AMAT Oct Week Two (10/9) 59 Put 

Applied Materials (AMAT) continues to run up, adding another 9.5% so far this week. I see the chip sector continuing to heat up, with an increasing number of mergers and acquisitions and the possible announcement of a new iPhone next week likely to ease demand concerns.

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

Current Stock Price: $63.75

Action: Watch put expire worthless

CHWY Oct Monthly (10/16) 55 Call

Chewy (CHWY) has rallied 7.5% this week, roughly doubling the S&P 500’s advance. The company is both a growth stock and a pandemic stock, and I expect it to continue to outpace the broader market.

Our call does not expire until next week, and no action is needed at this time.

Current Stock Price: $60.81

Action: No action is needed at this time

GILD Oct Week Two (10/9) 64 Call

Gilead Sciences (GILD) moved higher this week after it announced it is selling half a million doses of coronavirus treatment remdesivir to European countries. However, I expect the stock to remain range bound between $62.50 and $65.

The stock is trading right at our call’s strike price. If GILD closes below $64, our call will expire worthless and we will sell another one next week. If it closes above that level, our shares will be called away and we will sell a put.

Current Stock Price: $64

Action: Watch call expire

TGT Oct Week Two (10/9) 160 Put

Target (TGT) added another 3.4% so far this week, helped in part by a positive analyst report. More importantly, though, with coronavirus cases rising in 39 states, we could be in for more lockdowns. As an essential retailer, Target would benefit from this.

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

Current Stock Price: $164.61

Action: Watch put expire worthless

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

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