[from today’s edition of Breakthrough Tech Weekly]

Last Monday I recommended purchasing the November $25 put option on Symantec Corp. (SYMC) as a speculation on the market’s reaction to its quarterly earnings report due to be released later in the week. At that time SYMC was trading slightly above $25 with a mildy positive trend. But my IDEAL stock rating system flagged it as at risk of getting slammed if any aspect of that report was the least bit disappointing. On the same day the company also announced the resignation of its longtime CFO.

The result was a quick 8% drop in SYMC share price the day after these announcements were made, from its closing price of $25.45 on Thursday to $23.49 on Friday. And since the put option I recommended has a strike price of $25, it is now “in the money” and worth about 50% more than what we paid for it just one week ago.

Sell the SYMC November 11 $25 put option (161111P00025000) for $1.05 or more to close out this position.