Adobe Systems, Inc. (Update)

We have decided to sell 4 July 17.5 puts for $95 each. As noted in our full Adobe post, we believe a purchase at 17.5 is a compelling investment, but are less enthusiastic about a purchase of Adobe at its current $22. We will reserve the $7000 required to purchase 400 shares of Adobe at 17.5 per share. Like our initial put sale, we will also place a good-until-canceled order to close out this position at $10 per put.