With PM at $92.xx, I bought the Jan'15 85 calls for about 11.60. I believe in PM, but don't like either the technicals or fundamentals right now. How long until this turns around, if at all. Please no idiotic replies.
You have awhile to hope for a recovery. A good stock and has the chance to get back to 92 .
Consider a diagonal, sell a december 85 call get more the $2, PM could quickly get back to 85 then you would roll this call further out and up hopefully for more premium say to 87.50 in March
Also consider a december butterfly buy 80/85/90 cost about 1.25 per contract.. I think 80 is good support. If it get to 85 then you have made money on the 80 to 85 next take the short 85 and long 90 and roll them out and up to collect more premium since your are still short 85 to 90.
Its a bad situation but you can grind away at improving or reducing your current loss. Good luck
One other thing its best to buy leaps deep in the money like an 85+ which limits effect of vega on these long contracts.
I DID buy the 85 strike call when the stock was at 92.xx(read above). Actually I sold the July 95 to get the premium to 11.60. It seems every time I sell the otm leg of a diagonal the damned stock runs through it and I end up chasing it.
Dividend paying consumer staples are not performing well. PM YtD - 2013 is actually flat to down. You have one of the best run corporations in the world and as a result the stock will be back higher. This has been a difficult year for tobacco so be patient and probably a good time to add some.
PM is actually buying back stock which can also be a catalyst with a 9 to 10 % dividend increase announcement within days.