On October 5, 2023, Clorox Co (CLX) introduced new options expiring in March 2027, providing investors with potential opportunities. Among the notable options are a put contract at a $90.00 strike price with a current bid of $8.20, which allows investors to commit to purchasing shares at that price. This positions the effective cost basis at $81.80, indicating a potential savings compared to today’s share price of $92.86.
Additionally, a call contract at a $95.00 strike price is available with a bid of $8.10. If utilized as a covered call, selling this contract could yield an 11.03% return if the stock is called away at expiration. The odds of both contracts expiring worthless are 60% for the put and 51% for the call. The implied volatilities are 33% for the put and 36% for the call, while trailing twelve-month volatility is calculated at 27%.
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