Initial Transaction - MEMC Electronics Materials (WFR) (10/21/2009)

After a drop in the price of MEMC Electronics Materials, I decided to re-enter a position I had held a few months ago. I have been keeping track of companies which used to be part of the CCIP in order to re-enter positions if the price fell below the original position I had held, but the company still had strong fundamentals. This company is a bit different for the CCIP as it is more of a speculative position, though I think it is necessary to have such things in any portfolio. The company makes silicon wafers for the semiconductor and solar industry, and has had some issues recently with production problems. As a result of that, and the faltering economy, the company has reported negative earnings for the past few quarters. I think the company will be a good growth story coming out of the recession, and I therefore decided to re-establish a position. The profit/loss info is below:

10/21/2009 -- Bought 100 WFR @ 15.76
10/21/2009 -- Sold To Open 1 WFR November $16 Call @ .81

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: 1495.00

Potential Gain If Called At Expiration: 6.25%
PotentialAnnualized Gain If Called At Expiration: 73.59%