Readers will recall that CCI has been in the process of exiting a position in Teva (teva ) for awhile. The rational for originally getting into, and now out of, this position can be found by following this thread. Using covered calls we were able to dispose of two lots of the position at over $45. Unfortunately the stock plunged into the $30s before we could exit the last lot of shares.
With Teva trading back over $40, CCI sold Sept $40 covered calls for just under $2.00/contract.
Time will tell if this option will actually be held to expiration, but I'm comfortable exiting at an effective price of $42.