This position is in MEMC Electronics Materials which is a manufacturer of silicon products for use in the solar power market as well as consumer electronics. The position was originally opened in the beginning of this year, and the stock itself has underperformed thus far. However, as a result of selling calls against the position, the cost basis has been reduced to a point where any upward movement in the stock would be profitable from this point. The transaction info, and potential return are below:
Based on the current cost basis, the potential annualized return for this position if called at expiration in January would be 1.1%.
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