With MMM trading over $79 this morning, CCI covered the lot of puts sold 2 weeks ago.
This lot returned 2.5 % in just over 2 weeks. There was only about .015% left in premium and it did not seem worthwhile to take the risk of holding the position for another week until expiration for such a small remaining return.
Obviously catching the stock near its short-term bottom is a good/lucky thing, and in this case just buying the stock 2 weeks ago would have returned more. However, the premium received, and lower strike price for this option, meant this trade had about a 5 % downside protection if the market had not moved in our direction.
Going forward, MMM reports earning on 10/25. Part of CCI's trading thesis on MMM is they are the master of UPOD. (under promise and over deliver). Hence if the stock runs up over $80 before earning, CCI will consider selling covered calls against the remaining lot in the portfolio. This is in anticipation that their earnings will be fine, but they will talk down expectations, and the stock will stall for a short while. In that event, that trade would generate more income and also set up to put the short put trade back on.