Price is 69% above our fair value of $69.60 (range $50.96–$89.73, 4 of 4 models). Being this far above our estimate has had no bearing on what the shares did next, 2022–2026.
Prices as of 2:49 PM ET, Sep 17. Check the live quote before you send an order.
The put
Skip
Skip the put. It pays a lot because Q can drop a lot. Wait, or buy shares.
If it goes against you: you buy 100 shares at $115, which after the $540 you keep works out to $109.60 a share. Below $109.60 you are down on the trade. From that day the shares take above is the one that applies.
The order, if you sell it anyway
You get$540 (limit about $5.40)
If it fallsBuy 100 shares at $115
Cash to hold$11,500
Close earlyBuy back at about $1.62 ($162)
Chance you buy the sharesabout 41 in 100
ContractQ Oct 16 $115 put
ActionSell to open
In your broker app: open the stock → Trade → Options → Sell to open → pick the contract shown here.
Why skip
The put: Oct 16, $115 strike, 29 days out. Pays $540. Roughly a 41-in-100 chance you end up buying the shares.
On paper: 59% a year. That number assumes Q keeps moving like it did the past two years. Take that away and it is -10% a year. That is why we say skip.
Next earnings Nov 16, after this put ends. We never sell a put across a report.
If you already own 100 shares
Income call
For income on Q you already hold: sell the Oct 16 $140 call and take $98 now. If Q climbs to $140 by Oct 16, your 100 shares are sold at $140, so only do it if you're happy selling there.
If it climbs past $140 your 100 shares are sold at $140 and you keep the $98. That is the trade working, not a loss.