Today Pitney Bowes cut their dividend by 50%. That makes this stock no longer attractive for my dividend growth strategy and I am no longer interested in this stock.
Originally I sold a put contract to get assigned to the stock. I no longer wish to be assigned and since I do not know how deep the stock may fall, I decided to roll over the put down and further in time. I will continue doing this as long as I will be safe and be able to let the put expire worthless.
Trade detail
04/30/2013 12:15:09 Sold 1 PBI Jan 18 2014 12.0 Put @ 1.22
04/30/2013 12:15:09 Bought 1 PBI Jul 20 2013 14.0 Put @ 1.31
This trade gives me more time to deal with it, lowers the strike price from $14 to $12 (which is safer, but still not a guarantee of not beign assigned) and still keeps this trade profitable leaving me with $70 profit (without commissions).
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