Traders eyeing PM earnings near all-time high

A trader discusses their position on Philip Morris International (PM) ahead of earnings, having made $7,000 since April through wheel strategy. They hold four covered calls at the $185 strike for July 24, expecting a potential pump on good earnings followed by a drop.

Why it matters: If called away, they plan to sell monthly puts at the $190 strike, citing PM's stability and solid dividend of $1.40 per share.