http://finance.yahoo.com/news/why-dump-shaw-communications-sjr-222110017.html http://stockcharts.com/h-sc/ui?s=sjr Trade: With SJR at 16.95 Jul 17.5/20 bear call spread for a net credit of $45 Yield = 45/205 = 22% in 158 days or 51% annualized Prob = 60% Expectation = .6(45) - .15(205) - .25(103) = 27 - 30.75 - 25.75 = -29.5 Price...... Profit / Loss...... ROM % 12.00............ 45.00.......... 22.00% 15.07............ 45.00.......... 22.00% 17.50............ 45.00.......... 22.00% 17.55............ 39.70.......... 15.88% 17.95.............. 0.00........... 0.00% 20.00.......... (205.00)...... -78.00% 20.04.......... (205.00)...... -78.00% 22.52.......... (205.00)...... -78.00% 25.00.......... (205.00)...... -78.00%