Long time readers will recall that CCI's portfolio is "blessed" with a long position in HPQ.
hpq traded up the past few days allegedly on break up rumors. Further, HPQ traded up even more today in sympathy of rumors/stories about dell potentially having some PE firms looking to buy it out. CCI figured all this noise presented as good as opportunity as any to try to exit and/or squeeze some money back from this position. Hence CCI sold two lots of Feb $17 calls for a credit of $.63 today. If the stock holds on to this gain it will be called away at an effective price of $17.63, and it will likely be time to move on. Conversely if the stock pulls back from its current spike we should have the opportunity to harvest all or some of the $.63 (or 3.7%) premium collected.