We have one position to manage before the weekend.

ROLL
Blackstone (BX): 90.22

Blackstone’s earnings report this week was a mixed bag. Q1 earnings of 0.97 missed estimates by 0.02, while revenue of 2.49 billion beat by 50 million. However, EPS continues to drop quarter over quarter and revenue was down 29% year over year. Overall, not a surprise but not a great report considering some of the headwinds Blackstone faces in this market. What’s more, the company announced a quarterly dividend of 0.82 a share, a 9.9% cut from 0.91 previously.

BX initially popped following the report before turning lower. This gives us a chance to roll our call out and up. Blackstone goes ex-dividend on April 28. If we get called out and miss the dividend, we still collect about 0.20 more by rolling our call now and adding another dollar of capital gains.

ACTION: Roll the BX 21 Apr 89 call to the BX 5 May 90 call for a net credit of around 0.98 to 1.04

Buy to close BX 21 Apr 89 call
Sell to open BX 5 May 90 call