Established Covered Calls in Qualcomm Inc.

With less than 30 minutes before market closing today, a short-term dividend capture Covered Calls position was established in Qualcomm Inc. (ticker QCOM) when my buy/write limit order for the March 10th, 2023 $120.00s executed at a net debit price of $119.12.  Two hundred QCOM shares were purchased at $124.05 and 2 March 10th, 2023 $120.00 Calls were sold at $4.93 per share.  So, the corresponding time value (aka extrinsic value) was $.88 per share = [$4.93 Call options premium - ($124.05 stock purchase price - $120.00 strike price)].  Given the Covered Calls Advisor's current cautious Overall Market Meter outlook, a moderately in-the-money Covered Call position was established--the Delta was 75.1, which closely approximates the probability that the Call options will be in-the-money on the options expiration date.  In addition, the Implied Volatility of the Calls was 28.5 when the position was established which, as desired, was above the VIX which was 20.4. 

Qualcomm Inc. goes ex-dividend at $.75 per share (2.4% annualized dividend yield at the current stock price) tomorrow, so this dividend is included in the potential return-on-investment results shown below.  There is no earnings report prior to the options expiration date.

As detailed below, a potential return-on-investment results for this Qualcomm Covered Calls position is +1.4% absolute return (equivalent to +45.2% annualized return for the next 11 days) if the stock is in-the-money and therefore assigned on its March 10th, 2022 options expiration date. 

Qualcomm Inc.(QCOM) -- New Covered Calls Position
The simultaneous buy/write transactions was as follows:
2/28/2023 Bought 200 shares of Qualcomm stock @ $124.05 per share 
2/28/2023 Sold 2 Qualcomm March 10th, 2023 $120.00 Call options @ $4.93 per share
3/1/2023 Upcoming ex-dividend at $.75 per share

The overall performance results (including commissions) would be as follows:
Covered Calls Net Investment: $23,825.34
= ($124.05 - $4.93) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$984.66
= ($4.93 * 200 shares) - $1.34 commission
(b) Dividend Income: $150.00
= $.75 dividend per share x 200 shares
(c) Capital Appreciation (If Qualcomm stock is above $120.00 strike price and therefore assigned at the March 10th expiration): -$810.00
= ($120.00 - $124.05) * 200 shares

Potential Net Profit (If QCOM price is above $120.00 strike price at the March 10th options expiration): +$324.66
= (+$984.66 options income +$150.00 dividend income - $810.00 capital appreciation)

Absolute Return-on-Investment (If QCOM price is above $120.00 strike price at the 3/10/2023 options expiration): +1.4%
= +$324.66/$23,825.34
Equivalent Annualized Return-on-Investment: +45.2%
= (+$324.66/$23,825.34) * (365/11 days)