• GB Davis

Recap: Positions

++ Our $MU $40 Put, Buy to Open, June 14 expiry @ $1.60, sits at over 2X


+- Our $HTZ $19 Put, Buy to Open, July 19 expiry @ $3.30, sits at $2.25, with the security having declined post-earnings as we expected; but, with theta decay eating the open option.


+- Our $WSM $57.50 Put, Buy to Open, May 16 expiry @ $1.25 covered too early, as the security sits at $53.73, and the option into expiry today @ $3.39 (or almost 3x).


- Our $SBUX $65 Put, Buy to Open, Nov expiry @ $1.81 - currently underwater, with several months to go.


- Our $TWTR $40.15 common, 3 of 3 options against collected premium to lower cost basis. 2 more to be booked here later today. Basis at $38.48 versus security at $38.30.


- Our $NFLX $360 Put, Buy to Open, Aug expiry @ $26.80 sits at $25.70.


+ Our $MAN open common $90, sits at $92.30


+ Our $URBN common open cost basis of $26.23 versus security at $26.79


- Our coffee play, $JJOFF at $9.38, sits at $8.71


- Our $PBI common play at $6.83 sits at $4.98, and we are evaluating increasing the position from 1/2 to 3/4 at such value (less 7x, EV/EBITDA)


- Our $JWN common buy to open 1/4 at $38.05, sits at $36.93.


- Our $X common buy to open 1/4 at $16.69, sits at $14.86 (w/ another 1/4 $15 Puts (uncovered) to open). We will book June 21 covered calls to reduce cost basis later today.


We remain comfortable on these valuation levels.

For those following the Newsletter, many correct calls on FX, Rates, VIX and otherwise.

#NotInvestmentAdvice








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