I am long 7000 shares of Eastman Kodak stock I am short 70 call contracts $4 strike July expiration I am long 70 put contracts $3.50 strike July expiration The position above cost me a total net debit of $3.70 Yesterday Eastman Kodak stock was basically pinned in a tight trading range of 6 cents or so. The at the money calls and puts both started ramping with IV in the last 30 minutes. Calls and Puts went up significantly. I am sure this morning they will collapse a bit now that "the" news came out last night. ((Some of you may know there is a huge ongoing intellectual property suit with Eastman Kodak against Apple & Research In Motion. Although yesterday appears to be a setback in the street's view, the stock price tanked AH because the IP decision got pushed back til August 20th, it looks like according to some blogs I quickly skimmed, Apple did in fact violate one of the patents. I have to do my own DD this AM)) Anyways, would appreciate any input on my options here. I know I could just let this spread ride for another two weeks, my effective cost basis would be as if I bought the shares for $3.70 if the stock price ends up between $3.50 and $4.00, both my short calls and long puts would expire worthless. Either dump the stock then or put on another spread for August. I could cover my calls today and sell my puts as well, both would be for a significant profit. And do something for August, but obviously premiums would not be in my favor based on price action this AM.