We hold 300 shares @ 42.01 against three June 40 puts with a 4.00 basis. The stock will have to push above the 37.72 peak recorded on May 10 to revitalize bulls, but failing that, it seems likely to succumb to the gravitational pull of a trendline that comes in today at around 33.48. Our short offer of June 40 calls  for 3.10 — a riskless sale, since it would give us a “conversion” position —  is a distant longshot at this point, but you should nevertheless bring the offer down to $2 and let it stand.