We tried to squeeze as much as we could out of our Zynga (ZNGA, $13.10, down $1.25) call options but shares are trading lower today despite the company’s earnings beat. We recommended the stock at $10 at the end of January and the March 11 calls (ZNGA120317C00011000, $2.40, down $1.50) were at 90 cents.
We were able to take profits at $1.60, $3.50 and now $2.40 which gives us an average closing price of $2.275 for the options. Our total return is 153% in just 2 weeks. We were hoping to add another 200% winner but let’s not look a gift horse in the mouth.
We will also be sending out a Trade Alert for our Weekly Wrap in a bit so stay locked-and-loaded. Subscribers, check the Members Area for the updates.