ANR bounced over $49 on Monday morning. Could have sold the stock bought at $48.51 on Friday and taken the 1% gain. Instead decided to press the trade and hopefully take advantage of high implied volatility in ANR options (about 50% at the time of the trade).
Sold May $48 calls against the position at $1.54 after commissions.
Scenario 1: Worse Case: the stock goes down below $48 this week. The $1.54 option premium will be pocketed and the portfolio will be "stuck" holding the position. Essentially revising the Break Even Point on the trade down to $47.
Scenario 2: Best Case: The stock stays above $48 for the next 5 days, the option will be exercised this Friday and the trade will have made 2% in a week (for you non mathematicians....that is over 100% annualized). This is the most likely scenario...over 2:1 likely if you believe option pricing theory.