Locked in Gains on SJM and PIR
Here are the realized gains for the SJM and PIR puts. They were bought just before earnings announcements revealed weak earnings and a lowering of their yearly guidance.
Realized Gain
| Date | Qty | Company | Contract | Strike | Expiration | Price | Cost Basis |
| 6/18/2008 | 5 | PIR | Put | 5 | July 08 | $0.15 | $75 |
| 6/20/2008 | 5 | PIR | Put | 5 | July 08 | $0.52 | $260 |
| Days | 2 | Profit % | 246.67% | Profit | $185 |
| 6/18/2008 | 5 | SJM | Call | 45 | July 08 | $0.28 | $140 |
| 6/20/2008 | 5 | SJM | Call | 45 | July 08 | $1.27 | $635 |
| Days | 2 | Profit % | 353.57% | Profit | $495 |
The other positions can be see in the positions page. They haven’t been closed yet and are slightly down. PRGS (Progress Software Inc.), which also released earnings on Thursday, lowered their Q3 guidance. They were able to beet estimates for their EPS but since they lowered guidance and said it was going to be a slow year their stock fell. Ares Trading considers PRGS a long hold and believes that the PRGS July Call will be out of the red by expiration.
