Continuation of Covered Calls Position in Micron Technology Inc.

At last Friday's options expiration, the Covered Calls positions in Micron Technology Inc. (MU) closed slightly out-of-the-money, so their Call options expired and the shares remained in the Covered Calls Advisor Portfolio.  Soon after the market open this morning, five Call options were sold against the 500 Micron shares owned to continue this Covered Calls position.  Five June 17th, 2022 $70.00 Call options were sold at $3.20 per share when the stock price was $71.53.  The Implied Volatility of the Calls was 44.8 and the Delta was 61.3 when this transaction occurred.  As preferred by the Covered Calls Advisor, the next quarterly earnings report on June 30th is after the June 17th options expiration date.  

This position was continued since Micron continues to be a good value-oriented investment that meets all four primary criteria used by the Covered Calls Advisor to identify good candidates for investment in the current volatile stock market environment:

As detailed below, a potential return-on-investment result is +11.5% absolute return (equivalent to +53.3% annualized return over the 79 total days of this position) if the stock is above the $70.00 strike price and therefore assigned on the June 17th, 2022 options expiration date.

Micron Technology Inc. (MU) -- Continuation of Covered Calls Position

The original transaction was as follows:
03/31/2022  Sold 5 Micron April 14th, 2022 $72.50 100% Cash-Secured Put options @ $.92 per share.
04/14/2022 5 Micron $72.50 Puts expired in-the-money (stock price below the strike price), so 500 shares were purchased at $72.50 in the Covered Calls Advisor Portfolio
04/18/2022 Continued Micron position by selling 5 May 6th, 2022 $73.00 Call options @ $2.28 per share against the 500 Micron shares owned to establish a Micron Covered Calls position.  The Implied Volatility of these Calls was 43.4 and the Delta was 44.5 when these Calls were sold.
05/06/2022 Five Micron $73.00 Call options expired out-of-the-money, so 500 MU shares remain in the Covered Calls Advisor Portfolio.
05/09/2022 Continued Micron position by selling 5 May 20th, 2022 $72.50 Call options @ $2.02 per share against the 500 Micron shares owned.
5/20/2022 Five Micron Call options expired out-of-the-money.  The stock price was $68.90 at options expiration last Friday. 
05/23/2022 Sold 5 Micron 6/03/2022 $70.00 Call options @ $2.48 when the stock price was $69.54.
06/03/2022 5 MU $70.00 Calls closed slightly below the $70.00 strike price @ $69.94 per share.  So, the Call options expired and 500 Micron shares remain in the Covered Calls Advisor Portfolio.
06/06/2022 Continued Micron Covered Calls position by selling 5 June 17th, 2022 $70.00 Call options @ $3.20 per share against the 500 Micron shares owned.  Micron's stock price had increased to $71.53 early in this morning's trading when this transaction was executed.

A possible overall performance result (including commissions) would be as follows:
100% Cash-Secured Puts Cost Basis: $36,246.65
= ($72.50 - $.92) * 500 shares + $3.35 commission

Net Profit:
(a) Options Income: +$5,433.25
= ($.92 + $2.28 + $2.02 + $2.48 + $3.20) * 500 shares - $16.75 commissions
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If Micron stock remains above the $70.00 strike price at the June 17th, 2022 options expiration date): -$1,250.00
= ($70.00 June 17th, 2022 strike price - $72.50 original strike price) * 500 shares

Total Net Profit (If Micron stock price is above the $70.00 strike price at options expiration): +$4,183.25
= (+$5,433.25 options income +$0.00 dividend income -$1,250.00 capital appreciation)
 

Absolute Return-on-Investment (If Micron stock is above $70.00 strike price at the June 17th, 2022 options expiration date) : +11.5%
= +$4,183.25/$36,246.65
Annualized Return-on-Investment: +53.3%
= (+$4,183.25/$36,246.65)*(365/79 days)