Monday, July 23, 2012
Lulu covered put harvested.
As discussed here, the covered put in Lululemon lulu expired this weekend. CCI pocketed the about 1% premium collected to get the break even point on this trade up to $54. Lulu still has a large multiple that will likely come crashing down with any Lulu stumble around earnings. CCI plans to hold onto the short position through earnings announcement but may layer some sore of protective option over the position if the stock moves back down toward $55.