With HPQ trading back near $28, option expiration on Friday, and earnings on Monday, CCI unwound the November option position. To remind readers of the specifics, that meant selling one lot's worth of the $24-$28 call spread and rolling one lot's worth of the $28 covered calls from Nov to Dec. After commissions those trades resulted in a gain of $3.08/share. A very nice gain, that proactively puts a little bit of a dent in the overall loss on the HP trade.
Earnings are Monday. In a perfect world, a new CEO (Meg W.) would like to report in-line quarterly results (i.e. things are under control) and manage down expectations for the future (i.e. it will take me a little while to repair the damage of the past.) I think it unlikely that a new CEO in their first quarter on the job will increase expectations. Hence, I'll keep betting HPQ will continue to range bound in the high $20s for awhile. The lot of Dec $28 calls are in the portfolio to try to make some shorter term profits from that scenario.
After the earnings report, the x-date, etc we will reevaluate the next steps with this trade.