1. Identify earnings date.
2. Day if earnings, but very cheap near term put and call at market price option strike price. Near term for GOOG is the next week's action. GOOG usually reports on Thursday before MONTHLY option expiration
3. If you have already sold a covered call and it has fallen 50%, close it out and sell another with 10% premium.
This is the New money you will use for #3.
4. now, as a shareholder you are fully protected with upside and downside action.