Investors in Apple Inc. (AAPL) began trading new options today for June 24th expiration. A notable put contract at a $280 strike price has a current bid of $1.19, allowing investors to commit to buying shares at that price, effectively reducing their purchase cost to $278.81. This strike represents approximately a 5% discount to the current trading price of $293.93, with an 83% probability that the contract will expire worthless.
On the call side, a $300 strike price contract trades at $3.70. If shareholders opt for a covered call at this price, they could see a total return of 3.32% if the stock gets called away on the expiration date, excluding dividends. This strike is about 2% above the current stock price, with a 61% chance of expiring worthless, potentially adding a 1.26% additional return or 30.63% annualized.
Implied volatility for both contracts is approximately 27%, while actual trailing twelve-month volatility is calculated at 22%.
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