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Technology Stocks : Compaq
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To: Elwood P. Dowd who wrote (64910)7/10/1999 3:27:00 PM
From: semi2000  Read Replies (2) of 97611
 
Need opinion on CPQ option play

I purchased 1000 CPQ at $24. Then it started going down so I wrote Aug22.5 (CPQHX) covered calls and collected $1750. So my total cost is 24000-1750=22250. Now that CPQ is trading 26.75, as the option is probably worth $4000 if I should cover. Any suggestion/idea to work out better deal out of current situation.

BTW, when I wrote call, if the stock gets called away I would have made very small ($150 with commisions) amount.

Thanks for any suggestion
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