Sell Aug 50 calls if you have at least 100 shares. Then if it continues down, the net value of your call will increase and offset (somewhat) the loss in value of the stock. If it goes up and your stock is called at least you will make money.
If you are an investment trader, ring the register and re buy when it drops below $50. If you are in the buy and hold camp all of the other advise is good advise. I was averaged in at $47.19 and sold at $53.70 weeks ago.This was the 3rd time since 2008. Abbott was in my portfolio for years until 2008. Since then this stock has become a great stock for investment trading since it has developed a nasty habit of sliding between $44 - $56.