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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 166.05+0.6%Nov 19 3:59 PM EST
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To: J.B.C. who wrote (61213)1/10/2000 11:20:00 AM
From: Andrew N. Cothran  Read Replies (3) of 152472
 
This morning, I bought 4000 shares of QCOM for $35.00 per share.
Amazing? Not exactly. I exercised my January 2000 140 options which expire January 22. I bought 10 of these options last July for $35,000. When the stock split 4 for 1, I wound up with 40 options to purchase the stock at $35. I bought the options last July after having sold 1000 shares of the unsplit QCOM for $155. Since I did not want to lose this position, I took $35,000 from my profits and reinvested that amount in 10 calls (1000 shares) of the January, 2000 QCOM calls with a strike price of $140.

I chose to exercise the calls today and add the 4000 shares to my storehouse of QCOM because I continue to believe that QCOM has a great future. I exercised today, even though I had until the 22nd of this month. I don't like to push the limits.

PS: I used the proceeds to invest in my new home. Truly, my new home is best described as the House that QCOM built.

Why do I put this on the QCOM thread? I just wanted to add to the discussion regarding the use of puts and calls. If it is done wisely, one can wind up having his cake and eating it too. But one must exercise caution. After buying the calls in late July for $35 each, I watched them decline to $19 during the abrupt sell off in QCOM soon thereafter. Patience. Patience. One must believe and have patience.
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