If the stock is at 285, where it is now, it wont be worth very much...probably $1...if its at $290, it will be worth around $3. On a side note, I bought the February 285 call and sold the weekly 285 call against it for about $1 debit...if the stock closes this week at 285, my option will be worth around $8 or 9 bucks and the sold option will be worthless. Awesome risk reward.. I find that a calendar spread works very well using weekly options to play the announcements. Nothing sucks worse than to be "right" on the direction of the stock and still lose money because the IV crash after an announcement.