AXE Misses Estimates

Anixiter International (AXE) is taking a beating this morning during its earnings call.  3Q income declined by 15%.  They plan for more of a slow down in Q4 too.  The stock was down by over $6.

While my November 75 naked put is still out of the money, I decided to cut my potential losses and certain worrying and dumped my put for a $30 loss.  I thought about selling a November 80 covered call or even waiting out the slide since I had over $3 cushion still, but had to get out while the getting was good.  The November and December 75 calls offer good premiums, but I’m so heavily waited for November I used this as an excuse to trim the fat.  I’m still searching for better December naked puts to write and just need to find the time to get back to it.