High Interest Rates Take Back Market Gains
And we were having such a good time. Stocks were killing it in November after the election. But December turned out to be a real stinker.
Sure, the S&P 500 is only down about 1% over the past month. But that’s only because the big tech companies are still doing okay. The rest of the market is getting slapped around. Eight of the eleven S&P sectors are down in December. And many individual stocks are having a terrible month.
The problem is interest rates. In the weeks following the election, investors loved the prognosis for higher growth, even if it meant likely higher interest rates. But that view soured. Just when the euphoria was wearing off, inflation proved stickier than expected and the Fed indicated just two rate cuts in 2025 (investors had expected four). The benchmark 10-year Treasury yield has soared to 4.6% from 4.1% earlier this month and 3.6% in September.
A higher level of economic growth is good in the longer term. But higher rates for longer could be a bummer in the short term. Guess which term Wall Street cares more about.
The specter of continuing high inflation and high interest rates could be a problem. Investors were moving on from that nightmare. Inflation was licked. Rates were coming down. And the economy is solid. Stocks largely priced in that good news. Investors are apparently distraught enough to end a good year for stocks badly, which rarely happens. It does not set up well for January.
But pullbacks are normal and healthy in bull markets. Plus, sticky inflation, continuing high interest rates, and a solid economy may turn out to be “so late-2024.” Things can change quickly. The expectations could be completely different in a couple of months or sooner.
We just had two straight years of 20%-plus gains for the market for the first time in 25 years. Bull markets rarely end after just a little more than two years. There is still the promise of stronger economic growth, the AI catalyst, and interest rates that have likely peaked. The bull market isn’t over. It’s just been temporarily interrupted, and the interruption may continue for a while longer.
Past Month Activity
December 3rd
Sell TOL Jan 17th $165.00 calls at $9.65 or better
December 17th
Sell TOL Jan 17th $165.00 calls at $9.65 - Remove
Purchased AbbVie Inc. (ABBV) - $175.38
December 20th
Sell CEG Dec 20th $260.00 calls at $24.00 - Expired
Sell FSK Dec 20th $20.00 calls at $0.95 or better - Expired
FS KKR Capital Corp. (FSK) - Called
Portfolio Recap
AbbVie Inc. (ABBV)
Yield: 3.7%
While this pharmaceutical and biotech company is more than 17% below the high made this past fall, it has still returned over 15% YTD. All things considered, the stock has performed well, and the future looks bright. This was supposed to be a tough year with revenues falling from the Humira patent expiration. But the company is turning the corner as newer drugs are taking over and revenues are expected to soar in 2025. The main thing holding ABBV back will fade next year. It performed well in a crummy year and much greener pastures lie ahead. BUY
AGNC Investment Corp. (AGNC)
Yield: 15.4%
I see this high-yielding mortgage REIT as having hit a temporary buzzsaw on the way to better times. The bigger picture is that AGNC is coming off a historically bad period with rising inflation and interest rates into a much better environment with stable or falling rates. In the short term, it has come well off the high as the interest rate narrative has soured since the summer. But AGNC is still hanging tough. It’s also paying a massive yield ahead of what should be much better performance in 2025. BUY
Ally Financial Inc. (ALLY)
Yield: 3.4%
Financial stocks really cratered in December after a big November following the election. Investors changed their tune and started worrying about higher rates for longer. But next year looks very good for the sector. Short-term interest rates will move lower, the economy is expected to be solid, and the regulatory environment will be much better. Other financial companies made huge moves in recent months, but ALLY was held back because of a temporary situation. It is the nation’s leading online bank, and it is well positioned in the high-growth area of a hot sector. Analysts are expecting earnings growth of 40% in 2025. ALLY’s spike may still be ahead. BUY
Cheniere Energy Partners, L.P. (CQP)
Yield: 6.5%
The price of this liquid natural gas exporting partnership had been on fire in November as the election promised a better regulatory environment. But it’s been a different story in December as markets sobered up and CQP has given back more than half of those recent gains. CQP is still up nearly 10% since the election and the future still looks good. The administration is highly encouraging of natural gas exports and Cheniere is the country’s largest exporter. The longer-term situation was always strong as the rest of the world desperately needs U.S. natural gas. Now, the short-term situation is improving. (This security generates a K1 form at tax time). BUY
Constellation Energy Corporation (CEG)
Yield: 0.6%
This nuclear power generator is up 98% YTD and 16% since being added to the portfolio four months ago. Earnings have been strong, but the stock is really being powered by future growth prospects in terms of large energy deals with technology companies. Constellation made a huge deal with Microsoft (MSFT) to provide power to a new data center with a reopening of the Three Mile Island generator. Other energy and tech companies have since inked similar deals. Tech companies must secure power sources for the massive energy demand of AI. Constellation is a prime candidate with dependable carbon-free power. The new administration will likely bring a friendlier regulatory environment, making more deals likely. HOLD
Enterprise Product Partners L.P. (EPD)
Yield: 6.8%
The party is over. After a stellar November when EPD was up 22%, it pulled back in December, a month in which EPD is down 8%. The euphoria was bound to end eventually as these normally slow-moving stocks took off like rockets after the election. That’s okay. That upward trajectory was never going to last. But the future is still bright. There should be more oil and gas sloshing around the country in the years ahead. And EPD can move higher. The stock is still well below the all-time high set in 2014. And now earnings are much higher. (This security generates a K1 form at tax time). HOLD
NextEra Energy, Inc. (NEE)
Yield: 2.9%
Things were bad for NEE. Then they got very good. Then things turned rotten again. Now, NEE is leveling off and appears to have found a new-term bottom. Of course, the volatility is from the macro environment and not the internal operations of the company. The regulated and clean energy utility is doing great. NextEra expects to deliver 10% average earnings growth over the next several years, and it has a long track record of successfully delivering. The utility also stands to benefit from the increased electricity demand from AI and data centers, which will opt for clean energy whenever possible. HOLD
Qualcomm Corp. (QCOM)
Yield: 2.2%
In a way, QCOM has been a bummer. It’s way below the June high and still the same price it was last February. But we have sold two calls on the stock and ratcheted up the return despite the recent lack of appreciation. Also, when this stock moves it easily makes up for lost time. And it will take off at some point. The market wants to see strong U.S. smartphone sales from an AI upgrade cycle. But that doesn’t appear to be happening yet, although analysts think it is a strong possibility next year. BUY
Realty Income Corp. (O)
Yield: 6.0%
The legendary monthly income REIT has tumbled back to near the yearly lows after riding high for a while in the summer and fall. Although it has a stable and growing business and an unparalleled track record of increasing monthly dividends, O has been a slave to the changing interest rate narrative. Lately, that’s been a bad thing. The hope of significantly lower interest rates fell apart in the fall. Since then, O has fallen about 20% from the mid-October high. But the prognosis is still good. The Fed has begun a rate-cutting cycle that will likely last for the next two years. Longer-term rates have likely peaked and there is a chance they will trend lower in the year ahead. HOLD
Toll Brothers, Inc. (TOL)
Yield: 0.6%
The luxury homebuilder stock has fallen 26% from the late November high. In addition to the overall market rolling over, there was some bad news on the home-buying front. There are industry-wide affordability concerns. The median age of first-time homebuyers reached 38 years old, an all-time high. New homebuyers comprised 24% of the market over the last year, an all-time low. But Toll Brother’s results are still stellar as luxury homes are somewhat insulated from the trends.
Earnings beat expectations with revenues up 10.3% and earnings up 12.6% over last year’s quarter. Toll Brothers also reported that unit sales were up a whopping 25% for the full year versus 2023. The news is also improving. Pending home sales were up for the fourth straight month in November and increased 6.9% over the past year. TOL will bounce around with the news, but the longer-term trends are strong. BUY
Existing Call Trades
Sell CEG Dec 20th $260.00 calls at $24.00 – Expired
Call premium: $24.00
Dividends: $0.71
Total: $24.71 (total income of 12.6% in 5 months)
We generated a great 12.6% income in a short amount of time and kept the stock. CEG still has 16% price appreciation since being added to the portfolio and future prospects are bright for the stock. We should have another great call-writing opportunity in the weeks or months ahead.
Sell FSK Dec 20th $20.00 calls at $0.95 – Expired
Call premium: $0.95
Dividends: $2.09
Appreciation: $0.58 ($20.00 strike price minus $19.42 purchase price)
Total: $3.62 (total return of 18.6% in 8 months)
The 18.6% total return is solid in eight months even though the stock was called. We got a great income and total return in a short period of time and are taking a profit at a time when the market looks dicey.
Sell EPD Jan 17th $29.00 calls at $1.75 or better
We sold the calls near the high. But EPD has taken off to unprecedented levels since. The stock moved above $34 per share but it has been moving lower again over the past month. The price is only about $2 per share above the $29 strike price in a market that is ending the year very weak. We’ll see what happens in the next three weeks.
Current Recommendations
| Open Recommendations | Ticker Symbol | Entry Date | Entry Price | Recent Price | Buy at or Under Price | Yield | Total Return |
| AbbVie Inc. | ABBV | 12/17/24 | $175.38 | $178.01 | $200.00 | 3.69% | 0.11% |
| AGNC Investment Corp | AGNC | 9/24/24 | $10.47 | $9.33 | $12.00 | 15.43% | -6.38% |
| Ally Financial Inc. | ALLY | 11/26/24 | $39.42 | $35.65 | $45.00 | 3.37% | -11.57% |
| Cheniere Energy Prtns. | CQP | 7/23/24 | $53.04 | $53.49 | $60.00 | 6.48% | 0.83% |
| Constellation Energy Corp. | CEG | 8/27/24 | $196.14 | $226.54 | $270.00 | 0.62% | 15.93% |
| Enterprise Product Ptnrs. | EPD | 2/27/24 | $27.61 | $31.07 | $30.00 | 6.76% | 18.47% |
| NextEra Energy, Inc. | NEE | 4/25/23 | $77.50 | $72.11 | NA | 2.86% | -3.15% |
| Qualcomm Inc. | QCOM | 5/5/21 | $134.65 | $157.24 | $180.00 | 2.16% | 23.07% |
| Realty Income Corp. | O | 6/27/23 | $60.19 | $52.66 | NA | 6.02% | -4.62% |
| Toll Brothers, Inc. | TOL | 10/22/24 | $148.02 | $126.45 | $170.00 | 0.60% | -15.25% |
| Open Recommendations | Ticker Symbol | Initial Action | Entry Date | Entry Price | Recent Price | Sell To Price or better | Total Return |
| EPD Jan 17 $29 call | EPD250117C00029000 | Sell | 11/12/24 | $1.75 | $2.10 | $1.75 | 6.34% |
| as of close on 12/27/2024 | |||||||
| SOLD STOCKS | |||||||
| X | Ticker Symbol | Action | Entry Date | Entry Price | Sale Date | Sale Price | Total Return |
| Innovative Industrial Props. | IIPR | Called | 6/2/20 | $87.82 | 9/18/20 | $100.00 | 15.08% |
| Qualcomm | QCOM | Called | 6/24/20 | $89.14 | 9/18/20 | $95.00 | 7.30% |
| U.S. Bancorp | USB | Called | 7/22/20 | $36.26 | 9/18/20 | $38 | 3.42% |
| Brookfield Infras. Ptnrs. | BIP | Called | 6/24/20 | $41.92 | 10/16/20 | $45 | 8.49% |
| Starbucks Corp. | SBUX | Called | 8/26/20 | $82.41 | 10/16/20 | $88 | 6.18% |
| Visa Corporation | V | Called | 9/22/20 | $200.56 | 11/20/20 | $200 | 0.00% |
| AbbVie Inc. | ABBV | Called | 6/2/20 | $91.04 | 12/31/20 | $100 | 12.43% |
| Enterprise Prod. Prtnrs. | EPD | Called | 6/24/20 | $18.14 | 1/15/21 | $20 | 15.16% |
| Altria Group | MO | Called | 6/2/20 | $39.66 | 1/15/21 | $40 | 7.31% |
| U.S. Bancorp | USB | Called | 11/25/20 | $44.68 | 1/15/21 | $45 | 1.66% |
| B&G Foods Inc, | BGS | Called | 10/28/20 | $26.79 | 2/19/21 | $28 | 4.42% |
| Valero Energy Inc. | VLO | Called | 8/26/20 | $53.70 | 3/26/21 | $60 | 11.73% |
| Chevron Corp. | CVX | Called | 12/23/20 | $85.69 | 4/1/21 | $96 | 12.95% |
| KKR & Co. | KKR | Called | 3/24/21 | $47.98 | 6/18/21 | $55 | 14.92% |
| Digital Realty Trust | DLR | Called | 1/27/21 | $149.17 | 7/16/21 | $155 | 5.50% |
| NextEra Energy, Inc. | NEE | Called | 2/24/21 | $73.76 | 9/17/21 | $80 | 10.00% |
| Brookfield Infras. Ptnrs. | BIP | Called | 1/13/21 | $50.63 | 10/15/21 | $55 | 11.65% |
| AGNC Investment Corp | AGNC | Sold | 1/13/21 | $15.52 | 1/19/22 | $15 | 5.92% |
| ONEOK, Inc. | OKE | Called | 5/26/21 | $52.51 | 2/18/22 | $60 | 19.62% |
| KKR & Co. | KKR | Sold | 8/25/21 | $64.52 | 2/23/22 | $58 | -9.73% |
| Valero Energy Inc. | VLO | Called | 11/17/21 | $73.45 | 2/25/22 | $83 | 15.53% |
| U.S Bancorp | USB | Sold | 3/24/21 | $53.47 | 4/13/22 | $51 | -1.59% |
| Enterprise Product Ptnrs | EPD | Called | 3/17/21 | $23.21 | 4/14/22 | $24 | 11.25% |
| FS KKR Capital Corp. | FSK | Called | 10/27/21 | $22.01 | 4/14/22 | $23 | 13.58% |
| Xcel Energy Inc. | XEL | Called | 10/12/21 | $63.00 | 5/20/22 | $70 | 12.66% |
| Innovative Industrial Props. | IIPR | Sold | 3/23/22 | $196.31 | 7/20/22 | $93 | -51.23% |
| One Liberty Properties | OLP | Sold | 7/28/21 | $30.37 | 8/24/22 | $25 | -12.94% |
| ONEOK, Inc. | OKE | Called | 5/25/22 | $65.14 | 1/20/23 | $65 | 2.66% |
| Xcel Energy, Inc. | XEL | Called | 10/26/22 | $62.57 | 1/20/23 | $65 | 4.67% |
| Realty Income Corp. | O | Called | 9/28/22 | $60.37 | 2/17/23 | $63 | 5.41% |
| Medical Properties Trust | MPW | Sold | 1/24/23 | $13.22 | 3/21/23 | $8 | -38.00% |
| Brookfield Infrastructure Cp. | BIPC | Called | 11/9/22 | $42.43 | 7/21/23 | $45 | 8.72% |
| Star Bulk Carriers Corp. | SBLK | Sold | 6/1/22 | $33.30 | 8/8/23 | $18 | -31.38% |
| Visa Inc. | V | Called | 12/22/21 | $217.16 | 8/18/23 | $235 | 9.16% |
| Global Ship Lease, Inc. | GSL | Sold | 2/23/22 | $24.96 | 8/29/23 | $19 | -13.82% |
| ONEOK, Inc. | OKE | Called | 3/28/23 | $60.98 | 9/15/23 | $65 | 9.72% |
| Hess Corporation | HES | Called | 6/6/23 | $132.25 | 10/20/23 | $155 | 17.87% |
| Tractor Supply Company | TSCO | Sold | 9/26/23 | $203.03 | 11/28/23 | $200 | -1.02% |
| Digital Realty Trust | DLR | Called | 7/18/23 | $117.31 | 1/19/24 | $135 | 17.16% |
| Intel Corporation | INTC | Called | 7/27/22 | $40.18 | 1/19/24 | $43 | 9.76% |
| AbbVie Inc. | ABBV | Called | 7/25/23 | $141.63 | 3/15/24 | $160 | 15.11% |
| Marathon Petroleum Corp. | MPC | Called | 10/24/23 | $149.45 | 3/28/24 | $165 | 12.06% |
| The Williams Companies, Inc. | WMB | Called | 8/24/22 | $35.58 | 5/17/24 | $35 | 7.14% |
| Main Street Capital Corp. | MAIN | Called | 3/26/24 | $46.40 | 9/20/24 | $49 | 10.91% |
| Brookfield Infrastructure Cp. | BIPC | Called | 2/27/24 | $32.64 | 9/20/24 | $35 | 11.00% |
| American Tower Corp. | AMT | Called | 1/23/24 | $202.26 | 9/20/24 | $210 | 5.43% |
| ONEOK, Inc. | OKE | Called | 8/27/24 | $79.59 | 10/18/24 | $88 | 11.18% |
| Alexandria Real Estate Eq. | ARE | Sold | 12/19/23 | $129.54 | 11/19/24 | $108 | -12.82% |
| FS KKR Capital Corp. | FSK | Called | 4/23/24 | $19.42 | 12/20/24 | $20 | 14.06% |
| EXPIRED OPTIONS | |||||||
| Security | In/out money | Sell Date | Sell Price | Exp. Date | $ return | Total % Return | |
| IIPR Jul 17 $95 call | out-of money | 6/3/20 | $3.00 | 7/17/20 | $3.00 | 3.40% | |
| MO Jul 31 $42 call | out-of-money | 6/17/20 | $1.60 | 7/31/20 | $1.60 | 4.03% | |
| ABBV Sep 18 $100 call | out-of-money | 7/15/20 | $4.60 | 9/18/20 | $4.60 | 5.05% | |
| IIPR Sep 18 $100 call | in-the-money | 7/22/20 | $5.00 | 9/18/20 | $5.00 | 5.69% | |
| QCOM Sep 18 $95 call | in-the-money | 6/24/20 | $4.30 | 9/18/20 | $4.30 | 4.82% | |
| USB Sep 18 $37.50 call | in-the-money | 7/22/20 | $2.00 | 9/18/20 | $2.00 | 5.52% | |
| BIP Oct 16 $45 call | in-the-money | 9/2/20 | $1.95 | 10/16/20 | $1.95 | 4.65% | |
| SBUX Oct 16 $87.50 call | in-the-money | 10/16/20 | $3.30 | 10/16/20 | $3.30 | 4.00% | |
| V Nov 20 $200 call | in-the-money | 9/22/20 | $10.00 | 11/20/20 | $10.00 | 4.99% | |
| ABBV Dec 31 $100 call | in-the-money | 11/18/20 | $3.30 | 12/31/20 | $3.30 | 3.62% | |
| EPD Jan 15 $20 call | in-the-money | 11/23/20 | $0.80 | 1/15/21 | $0.80 | 4.41% | |
| MO Jan 15 $40 call | in-the-money | 11/25/20 | $1.90 | 1/15/21 | $1.90 | 4.79% | |
| USB Jan 15 $45 call | in-the-money | 11/25/20 | $2.00 | 1/15/21 | $2.00 | 4.48% | |
| BGS Feb 19 $27.50 call | in-the-money | 12/11/20 | $2.40 | 2/19/21 | $2.40 | 8.96% | |
| VLO Mar 26 $60 call | in-the-money | 2/10/21 | $6.50 | 3/26/21 | $6.50 | 12.10% | |
| CVX Apr 1 $95.50 call | in-the-money | 2/19/21 | $4.30 | 4/1/21 | $4.30 | 5.02% | |
| AGNC Jun 18 $17 call | out-of-money | 4/13/21 | $0.50 | 6/18/21 | $0.50 | 3.21% | |
| KKR Jun 18 $55 call | in-the-money | 4/28/21 | $3.00 | 6/18/21 | $3.00 | 6.25% | |
| USB Jun 16 $57.50 call | out-of-money | 4/28/21 | $2.80 | 6/18/21 | $2.80 | 5.24% | |
| DLR Jul 16 $155 call | in-the-money | 6/16/21 | $8.00 | 7/16/21 | $8.00 | 5.36% | |
| AGNC Aug 20 $17 call | out-of-money | 6/23/21 | $0.50 | 8/20/21 | $0.50 | 3.00% | |
| OKE Aug 20 $57.50 call | out-of-money | 6/23/21 | $3.50 | 8/20/21 | $3.50 | 6.67% | |
| NEE Sep 17 $80 call | in-the-money | 8/11/21 | $3.50 | 9/17/21 | $3.50 | 4.75% | |
| BIP Oct 15 $55 call | in-the-money | 9/1/21 | $2.00 | 10/15/21 | $2.00 | 3.95% | |
| USB Nov 19 $60 call | out-of-money | 9/24/21 | $2.30 | 11/19/21 | $2.30 | 4.30% | |
| OKE Nov 26 $65 call | out-of-money | 10/20/21 | $2.25 | 11/26/21 | $2.25 | 4.28% | |
| KKR Dec 17 $75 call | out-of-money | 10/26/21 | $3.50 | 12/17/21 | $3.50 | 5.42% | |
| QCOM Jan 21 $185 Call | out-of-money | 11/30/21 | $9.65 | 1/21/22 | $9.65 | 7.17% | |
| OLP Feb 18 $35 Call | out-of-money | 11/19/21 | $1.50 | 2/18/22 | $1.50 | 4.94% | |
| OKE Feb 18 $60 Call | in-the-money | 1/5/22 | $2.75 | 2/18/22 | $2.75 | 5.24% | |
| USB Feb 25 $61 call | out-of-money | 1/13/22 | $2.50 | 2/25/22 | $2.50 | 4.68% | |
| VLO Feb 25 $83 call | in-the-money | 1/18/22 | $4.20 | 2/25/22 | $4.20 | 6.13% | |
| EPD Apr 14th $24 call | in-the-money | 3/2/22 | $1.25 | 4/14/22 | $1.25 | 5.69% | |
| FSK Apr 14th $22.50 call | in-the-money | 3/10/22 | $0.90 | 4/14/22 | $0.90 | 4.09% | |
| XEL May 20th $70 call | in-the-money | 3/30/22 | $3.00 | 5/20/22 | $3.00 | 4.76% | |
| SBLK July 15th $134 call | out-of-money | 6/1/22 | $1.60 | 7/15/22 | $1.60 | 4.80% | |
| OKE Oct 21st $65 call | out-of-money | 8/24/22 | $3.40 | 10/21/22 | $3.40 | 5.22% | |
| OKE Jan 20th $65 call | In-the-money | 11/25/22 | $3.70 | 1/20/23 | $3.70 | 5.68% | |
| XEL Jan 20th $65 call | in-the-money | 11/25/22 | $5.00 | 1/20/23 | $5.00 | 7.99% | |
| O Feb 17th $62.50 call | in-the-money | 12/28/22 | $3.00 | 2/17/23 | $3.00 | 4.97% | |
| QCOM Sep 16th $145 call | out-of-money | 7/20/22 | $11.75 | 9/16/22 | $11.75 | 8.73% | |
| V Mar 17th $220 call | out-of-money | 1/24/23 | $12.00 | 3/17/23 | $12.00 | 5.51% | |
| OKE May 19th $65 call | out-of-money | 4/11/23 | $2.70 | 5/19/23 | $2.70 | 4.43% | |
| V Jun 2 $230 call | out-of-money | 4/21/23 | $10.50 | 6/2/23 | $10.50 | 4.82% | |
| BIPC $45 July 21st call | in-the-money | 5/23/23 | $3.25 | 7/21/23 | $3.25 | 7.66% | |
| V $235 Aug 18th call | in-the-money | 7/11/23 | $9.00 | 8/18/23 | $9.00 | 4.13% | |
| GSL $20 Aug 18th call | out-of-money | 7/11/23 | $1.25 | 8/18/23 | $1.25 | 5.00% | |
| OKE $65 Sep 15 call | in-the-money | 9/15/23 | $3.20 | 7/25/23 | $3.20 | 4.92% | |
| INTC $35 Oct 20th call | out-of-money | 9/8/23 | $3.78 | 10/20/23 | $3.78 | 9.41% | |
| HES $155 Oct 20th call | in-the-money | 9/8/23 | $9.00 | 10/20/23 | $9.00 | 6.81% | |
| DLR $135 Jan 19th call | in-the-money | 11/22/23 | $6.00 | 1/19/24 | $6.00 | 5.11% | |
| INTC $42.50 Jan 19th call | in-the-money | 11/29/23 | $3.50 | 1/19/24 | $3.50 | 8.71% | |
| ABBV $160 Mar 15th call | in-the-money | 1/10/24 | $7.00 | 3/15/24 | $7.00 | 4.94% | |
| MPC $165 Mar 28th call | in-the-money | 2/14/23 | $10.00 | 3/28/24 | $10.00 | 6.69% | |
| QCOM $200 July 19th call | out-of-money | 6/5/24 | $12.00 | 7/19/24 | $12.00 | 8.91% | |
| MAIN $49.4 Sep 20th Call | in-the-money | 6/27/24 | $2.00 | 9/20/24 | $2.00 | 4.31% | |
| BIPC $35 Sep 20th Call | in-the-money | 7/16/24 | $3.00 | 9/20/24 | $3.00 | 9.19% | |
| AMT Sep 20 $210 call | in-the-money | 7/30/24 | $15.00 | 9/20/24 | $15.00 | 7.42% | |
| OKE Oct 18 $87.50 call | in-the-money | 8/27/24 | $3.50 | 10/18/24 | $3.50 | 4.40% | |
| FSK Dec 20 $20 call | in-the-money | 10/25/24 | $0.95 | 12/20/25 | 0.95 | 4.89% | |
| CEG Dec 29 $260 call | out-of-money | 9/25/24 | $24.00 | 12/20/24 | 24 | 12.24% | |
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