Options Trade for Baidu Earnings Tonight

Here is a nice article explaining how to do a vertical spread trade on BIDU.

http://www.optionsweekly.com/member/playing-baidu-earnings-with-options

 

What could I do if I was short 200 shares of the stock at current level?

 

What could or what should?

You could buy a OTM call for protection and sell a put to enhance return or you can keep your short position and then load up on a bunch of puts and hope the sucker tanks to $5.00 a share

Best of luck either way!