单选题 James Jackson currently owns stock in PNG, Inc. , valued at $145 per share. Thinking that PNG is overbought and will decrease in price soon, Jackson writes a call option on PNG with an exercise price of $148 for a premium of $2.40. At expiration of the option, PNG stock is valued at $152 per share. What is the profit or loss from Jackson's covered call strategy? Jackson :

A、

A. gained $5.40.
B、

B. lost $4.60.
C、

C. gained $9.40.

【正确答案】 A

【答案解析】The option is in-the-money at expiration (Max (0, S -X) ) and the PNG stock will be called away from Jackson at $148 per share, limiting Jackson's gain from owning the stock to $3 ( $148-145). However, Jackson also gains the $2.40 from writing the call option. Therefore, Jackson's gain from the covered call strategy is $5.40 ( $3.00 + $2.40).