A long-time favorite of ours, Riverbed, was pilloried this week on an in-line earnings report, losing 18% to $16.56 after giving weak guidance. The same thing happened three quarters ago, with the stock falling to 14 before recovering to 24. We think $14 is a solid entry point, and like selling the June $15 puts at $1.12 to get us there, or to put $112 per put in our pocket.
Disclosure: I am long RVBD.
Additional disclosure: Various short put positions in RVBD