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SFPC Trade Alert: CVS

CVS Health (CVS) popped immediately after reporting fourth-quarter earnings Wednesday before turning lower. Earnings and revenue beat analyst expectations, spurred by strong sales in the pharmacy benefit management business. But the company’s full-year profit forecast fell short of estimates.

I expect the stock to bounce higher in the coming days, so I am recommending we roll our put to avoid being assigned shares and buy ourselves some more time for CVS to move higher.

Current Stock Price: $70.72

Cost Basis: $0.55

Action:

  • Buy to close the CVS Feb Week Two (2/14) 73.50 Put for around $2.80
  • Sell to open the CVS Feb Monthly (2/21) 73.50 Put for around $2.90
  • Set initial credit limit at $0.10, but adjust as needed to roll today

New Cash in Hand: $0.65

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