Options Action: Hewlett Packard

With expectations that a new CEO will be named on or before analyst day on Sept. 28th, how should you trade Hewlett Packard?

Brian Stutland of Stutland Equities suggests taking a long position in HPQ and buying the October 39 puts against the stock.

Specifically he likes the Oct. 39 put for $0.50
Profits above $40.50
Losses between $38.50 and $40.50
Protected under $38.50

Get all the details. Watch the video now!

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Trader disclosure: On Sept. 23rd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (GOOG); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (GS), (IBM), (HES), (JOYG), (XBI), (NBR), (NOV), (OXY), (ORCL), (PEP), (POT), (RSH), (SLB), (SU), (SPLS), (RIG), (UPL), (MA), (VRTS); Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST); Boockvar owns (PEP), (NKE)

For Anthony Scaramucci
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For Gene Munster
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