I decided to close this position early, as Bristol Myers was substantially above the $22 strike price of the CC. I had entered this position as a way to continue a similar annualized return to the position I had held in COP which was called away pre-ex-dividend date. As there was essentially no time value remaining in the CC, I closed the position in order to apply the capital elsewhere. The final profit/loss info is below:
10/29/2009 -- Bought 200 BMY @ 22.2025
10/29/2009 -- Sold To Open 2 BMY November $22 Call @ 0.5625
11/13/2009 -- Bought To Close/Sold 200 BMY @ 21.9425
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $4328.00
Final Profit: 1.40%
Annualized Max Upside: 22.18%
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