It was an admittedly tough week for us with two of our core holdings reporting less than expected results for the March quarter or providing guidance for the June quarter that came in below Wall Street expectations.
Google reported numbers on Thursday night that by all counts were good (given the size of Google) but were greeted with a chorus of boos by Wall Street. AS a result, we took a beating in our long call positions expiring in June. ON the flip side, we were able to add 50 shares of Google (GOOGL) to our portfolio at $731.77 per share on Friday.
Netflix reported strong numbers for the March quarter with a beat on earnings and subscribers but guided June quarter subscriber addition to a tepid 2 million adds in international. The shares also sold off about 9-10% again affecting our call position expiring in June. On the flip side, we were able to open an equity position of 500 shares of Netflix at an average price of $93.77 per share.
Our weekly call shares on Google and Netflix has thus far been very successful netting us $5,110 and $1,490 in Netflix for the week.
We have made two covered call sales on our equity holdings namely, NFLX and GOOGL selling 5 calls and 1 call respectively expiring next week. It is not that I am bearish on the two names but it's just a way to continue to generate weekly income on our long equity holding and/or lower our cost basis on those equity holdings on constant weekly basis.
Last week was generally a down week in tech land, so our other option positions were also affected negatively and I will be making some moves to offset those losses in the coming weeks.
We have three big earnings coming up next week as far as our portfolio holdings with Apple earnings on Tuesday after the close and Baidu and Amazon on tap after the close of trading on Thursday.
With that I wish all of you all much success and a very happy weekend.