Explain this one for me...you hear noise of an Apple bid which would shoot it higher and you sell calls to not take part? Limit your upside? Doesn't make much sense. No one is going to outbid anyone for Yahoo as its mostly cash if you include the liquidation value of the Asian assets. The core will have revenue of 4.75-4.85B, down 100M and operating income for the quarter fell 22% to 190M. Their investment income of $676M, last year, was almost as much as the operating income was. The core really isn't that valuable and that is the only thing left to get a premium on, maybe 7-10B and that is only if MSFT fires everyone and doubles the profit. Apple won't waste their time as their savings account makes more than Yahoo does. Apple had revenue of $50B+ last quarter, with $13B in profit. Yahoo would be nothing but a zit on the elephant that is Apple.