Cypress Call Options
As you have read, I purchased Cypress Semiconductor (CY) January 15 call options on 9/26/05 for $1.50 and again on 10/19/05 for $0.65. I was able to lower my cost basis in this position and see it trade above my original purchase price. Cypress plans on spinning off it's Sunpower (solar division) this quarter. You can view the prospectus for Sunpower. I have a nice gain in this position and have watched the stock go up 25% this week. I feel it would be greedy not to take profits at this level. I will sell 50% of my call options tomorrow.