EFTA Document EFTA01387062

• AMD - Buy Aug 17 strike calls for 96c (ref. 16.55, 48d) o Replacing delta protects 5.8% down, which is the roughly the implied move o Stock has high short interest, so the squeeze potential offers asymmetric risk to the upside o Breakeven is 8.5 % away; implied move is 5.6% but it has historically moved - 12%, with most big moves to the upside. • M - Buy Aug 38 calls for $1.78 (ref. 37.15, 48d) o Replacing stocks protects 4.8% down, more than the implied move (3.2%) o Breakeven i