I recently put on a covered call position with Pepsi (PEP). I am long Pepsi shares and short the Jan. 2009 leap calls at a strike price of 70. I like writing longer term calls on stocks like Pepsi because it has been raising its dividend payouts consistently. Most options models do not properly take into account the likely future dividend increases, so the call premiums are probably a little higher than they should be.
Pepsi has an A+ rating and is one of the strongest companies out there. They have good management, a high return on equity and is now available at a fairly low forward P/E ratio of 17.5. I also like the fact that Pepsi has a lot of international exposure in case the US dollar continues to weaken.
Disclosure: I am long Pepsi stock and short the Jan. 2009 70 Pepsi calls.
PEP 1-yr chart: