We are recommending the following credit spreads to the November 2014 expiration cycle.

Due to earnings season, it is going to be more difficult to find companies not reporting earnings during the November option cycle.

In Portfolio #3: We are using tow candidates that have earnings reported in November, but they are on the last few days.

However, there still are candidates that fit the bill, just a lot less to choose from.

So, here we go.

We are recommending credit spreads for our Portfolio #1 in the following issue(s).

HPQ - Hewlett-Packard Company, together with its subsidiaries, provides products, technologies, software, solutions, and services to individual consumers, small-and medium-sized businesses (SMBs), and large enterprises, including customers in the government, health, and education sectors worldwide. Its Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, tablets, retail point-of-sale (POS) systems, calculators and other related accessories, software, support, and services for the commercial and consumer markets. The companyÂ’s Printing segment offers consumer and commercial printer hardware, supplies, media, software and Web services, and scanning devices, as well as inkjet and printing solutions, laserjet and enterprise solutions, and graphics solutions. Its Enterprise Group segment provides industry standard servers; business critical systems; traditional and converged storage solutions; networking products comprising controllers/switches, routers, and wireless LAN access points; and technology consulting and support services focused on cloud, mobility, and data. The companyÂ’s Enterprise Services segment offers technology consulting, outsourcing, and support services to infrastructure, applications, and business process domains; and application and business services. Its Software segment provides enterprise information management solutions, such as data analytics, information governance, and digital marketing for structured and unstructured data; IT management software; and security intelligence/risk management solutions as software licenses and software-as-a-service. The companyÂ’s HP Financial Services segment offers leasing, financing, utility programs, and asset recovery services; and asset management services to enterprise customers, as well as specialized financial services to SMBs, and educational and governmental entities. The company was founded in 1939 and is headquartered in Palo Alto, California.

HRB - H&R Block, Inc., through its subsidiaries, provides tax preparation and related services to the general public primarily in the United States, Canada, and Australia. The company offers assisted income tax return preparation and related services through a system of retail offices operated directly by the company or by franchisees; and online tax services, such as tax advice, professional and do-it-yourself (DIY) tax return preparation, and electronic filing services through its Website hrblock.com. It also develops and markets DIY desktop income tax preparation software; and develops and provides applications for mobile devices, which offer tax and related services. In addition, the company provides refund anticipation checks, H&R Block Emerald Advance lines of credit and Prepaid Emerald MasterCard, and Peace of Mind guarantees, as well as Cash Back refund discount programs. Further, it offers traditional retail banking services primarily to its assisted and DIY tax clients. The company was founded in 1946 and is headquartered in Kansas City, Missouri.

So we are recommending the following specific credit spreads for Portfolio #1:

Call credit spreads - Bearish Call spreads.

================================================

We are recommending the following credit spreads to the November 2014 expiration cycle.

We are recommending credit spreads for our Portfolio #2 in the following issues.

PM - Philip Morris International Inc., through its subsidiaries, manufactures and sells cigarettes and other tobacco products. The companyÂ’s portfolio of brands include Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White. It also owns various cigarette brands, such as Sampoerna, Dji Sam Soe, and U Mild in Indonesia; Fortune, Champion, and Hope in the Philippines; Diana in Italy; Optima and Apollo-Soyuz in Russia; Morven Gold in Pakistan; Boston in Colombia; Belmont, Canadian Classics, and Number 7 in Canada; Best and Classic in Serbia; f6 in Germany; Delicados in Mexico; Assos in Greece; and Petra in the Czech Republic and Slovakia. The company sells its products in approximately 180 countries in the European Union, Eastern Europe, the Middle East, Africa, Asia, Latin America, and Canada. Philip Morris International Inc. was incorporated in 1987 and is headquartered in New York, New York.

LVS - Las Vegas Sands Corp. develops, owns, and operates integrated resorts in Asia and the United States. The company owns and operates The Venetian Macao Resort Hotel, Sands Cotai Central, the Four Seasons Hotel Macao, the Plaza Casino, and the Sands Macao in Macau, the PeopleÂ’s Republic of China. It also owns and operates the Marina Bay Sands in Singapore; The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, and Five-Diamond luxury resorts on the Las Vegas Strip; the Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. The companyÂ’s integrated resorts comprise accommodations, gaming, entertainment and retail facilities, convention and exhibition facilities, celebrity chef restaurants, and other amenities. Las Vegas Sands Corp. was founded in 1988 and is based in Las Vegas, Nevada.

We are recommending the following specific credit spreads for Portfolio #2:

Call credit spreads - Bearish Call spreads.

================================================

We are recommending the following credit spreads to the November 2014 expiration cycle.

We are recommending credit spreads for our Portfolio #3 in the following issues.

MRVL - Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone ARM-based integrated circuits. It offers mobile and wireless products comprising communications and applications processors; thin modems; Wi-Fi products, as well as multi-function system-on-a-chips (SoCs), which incorporate multiple wireless communications protocols, including Wi-Fi, Bluetooth, NFC and FM, delivered on a single chip; and mobile computing products. The company also provides a range of integrated data storage products, such as hard disk drive, solid-state drive, and solid state hybrid drive controllers, as well as storage-system products. In addition, it offers networking products comprising cloud infrastructure and service provider infrastructure. Further, the company provides printer-specific standard SoC products, as well as custom printer ASICs; and smart home product portfolio and other products that are designed to enable the next generation of connected consumer platforms, and to enhance the eco-friendly ‘Connected Lifestyle’ throughout the home, ranging from broadband access, home networking, home entertainment, and home automation. It operates in the United States, Canada, China, India, Israel, Italy, Japan, Malaysia, Singapore, South Korea, Spain, Sweden, Switzerland, and Taiwan. Marvell Technology Group Ltd. was founded in 1995 and is headquartered in Hamilton, Bermuda.

JCP - J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, as well as provides various services, including styling salon, optical, portrait photography, and custom decorating. As of August 5, 2014, it operated 1,100 stores. The company also sells its products through its Website, jcp.com. J. C. Penney Company, Inc. was founded in 1902 and is based in Plano, Texas.

AA - Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina. The company operates in four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions. The Alumina segment is engaged in mining of bauxite, which is then refined into alumina. The Primary Metals segment produces aluminum. The Global Rolled Products segment produces and sells aluminum plate, sheet, and foil. The Engineered Products and Solutions segment produces and sells titanium, aluminum, and super alloy investment castings; fasteners; aluminum wheels; integrated aluminum structural systems; architectural extrusions; and forgings and hard alloy extrusions. Its products are used in aircraft, automobiles, commercial transportation, packaging, building and construction, oil and gas, defense, consumer electronics, and industrial applications. The company has operations primarily in the United States, Australia, Spain, Brazil, France, the Russian Federation, Hungary, the Netherlands, Norway, the United Kingdom, China, Germany, and Italy. Alcoa Inc. was founded in 1888 and is based in New York, New York.

Even with earning being reported late in the November cycle, we are adding the following specific credit spreads for Portfolio #3:

AA is not reporting earnings, but MRVL and JCP are.

Call credit spread - Bearish Call Spread.