Lear LEA accepts Icahns offer

Lear LEA accepts Carl Icahns offer to buy the firm.

The stock is pulling back today, and is up over 25% since my buy in. The bad news is that I sold the calls and will only get 5% of that move. This is one of the signficant risks when selling covered calls. If a nice buyout offer comes along, upside is limited to the call premium. Still, I will take a 5% profit in five weeks with low perceived risk, over and over and over.

My LEA will get called when options expire on Friday, February 16th. Cheers.