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IBM for dividend yield with covered call

#1
I currently own a small amount of IBM with covered call of strike 130 of Jan 2019.
 
My original plan was to close this position by not buying back the call and let the call owner take the stock.
 
But I am beginning to wonder if it falls below 130, do I continue to own this since we can get around 9% yield(dividend+call premium) by selling strike 120 of 2021, we should have around 25-30% drop protection and assume that all the bad news has been priced into this stock?
 
Am I falling into a value trap or IBM is worth holding for 9% yield since its a cash flow positive company?
 
I have a big position in Macys with strike 20 covered call, yield there is around 8% but downside protection around 40%. 
 
If this stock stays around 129-130, I may get out. But wondering if this company can continue to be cash flow positive and pay its dividend for next 2-3 years without further downside, why not own this for nice yield, why do we think the risk outweighs the reward?
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#2
A covered call has downside protection to the extent of the premium.
The upside is capped by the possibility that your stock is called.  
 
Stocks that go nowhere are great covered call candidates.   However,  you can enjoy a low or high beta covered call strategy. There are no hard and fast rules.
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#3
I'm not fond of IBM, and would look elsewhere for dividend yield
 
But my reason for responding is your covered call.  The buyer of a deep in the money call for an expensive stock is playing "stock replacement" --owning the growth potential without the cost of the stock, and without the risk of a severe price drop.  The seller is supplementing the income with the call premium.  So far so good.
 
What I do not understand is your thought that the seller is getting "drop protection" or "downside protection" --  your words.  My understanding is the downside risk stays with the stock owner.  Buying a 130 put would give downside protection.  Selling a 130 call does not.
 
If you believe you have downside protection, could you please explain how it works?
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#4
A covered call has downside protection to the extent of the premium.

The upside is capped by the possibility that your stock is called.

Stocks that go nowhere are great covered call candidates. However, you can enjoy a low or high beta covered call strategy. There are no hard and fast rules.
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#5
IBM is currently priced around 136, I sell strike 120 call of Jan 2021, For a total cost of 113.
 
The difference between 136 - 113 = 23 , approximately 17%, is what I call downside protection by 17% due to call premium. You add around $14 in dividend and you have another 10% in downside protection from losing our capital.
 
Agree that I wont get any growth but I am happy with around 9% yield due to dividend and call premium since I am not very bullish on this stock, I am just not very bearish hence willing to take risk at $120, assuming it will not fall below 120 and give me my max return of around 9% annually.
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