Trade Adjustment – calendar call spread

Stock / Symbol: [private_monthly]Las Vegas Sands / LVS [/private_monthly]
Price at trade entry: $50.81
Date trade entered: Nov 4, 2010
Price at this adjustment: $46.77
Option Strategy: calendar call spread

Current Postion:
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Long 2 LVS Mar 52.50 Calls
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Adjustment: [private_monthly]We've reduced our cost basis on our March 52.50 calls down from $6.10 to $1.61, but with 24 days left to expiration, we're going to need to adjust this trade. We're going to roll the March calls into a Sep/Jun 52.50 strike calendar spread.
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Trade Details:
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Sell 2 LVS Mar11 52.50 Call
for a credit of $0.40 per contract

then,

Buy 2 LVS Sep11 52.5 Calls @ $4.40 for $880.00
Sell -2 LVS Jun11 52.5 Calls @ $2.68 for ($536.00)
for a net debit of $1.72

Requirements:
Cost/Proceeds $344.00
Option Requirement $0.00
Total Requirements $344.00
Estimated Commission $12.95

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Max Risk: $586
Max Reward: $237 or 40% by Jun 2011 expiration
Profit Range: $49.90 - $55.72
Max Profit at: $52.50
Uncalled Return: 61%

Chart:
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