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By Ainvest in options-flow —

AAPL: $36M Call Sell Detected (Oct 29)

Massive $36M institutional bullish positioning detected on AAPL. Complete breakdown includes whale positioning analysis, gamma exposure levels, and risk-adjusted trading ideas for retail traders.

AAPL Massive $36M Call Sale - Institutional Profit-Taking at Historic Highs

📅 October 29, 2025 | 🔥 Unusual Activity Detected

🎯 The Quick Take

Someone just dumped $36 MILLION worth of deep in-the-money Apple calls at 11:57:46 AM today! This massive trade sold 7,500 contracts of $220 strike calls expiring November 21st - just one day before Apple's Q4 earnings report on October 30th. With AAPL at historic all-time highs near $268, hitting a $4 trillion market cap milestone today, smart money is taking profits off the table right at the peak. Translation: Sophisticated institutional players are cashing out their winning position before the earnings coin flip!

📊 Company Overview

Apple Inc. (AAPL) is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses:
- Market Cap: $3.99 Trillion (just crossed $4T today!)
- Industry: Electronic Computers
- Current Price: $267.88 (near all-time high)
- Primary Business: iPhone makes up majority of firm sales, with Mac, iPad, and Watch designed around iPhone ecosystem. Progressive addition of Services like streaming video, subscription bundles. Designs own software and semiconductors, working with subcontractors like Foxconn and TSMC.

💰 The Option Flow Breakdown

The Tape (October 29, 2025 @ 11:57:46):

Time Symbol Side Buy/Sell Type Expiration Premium Strike Volume OI Size Spot Option Price
11:57:46 AAPL MID SELL CALL 2025-11-21 $36M $220 7.5K 42K 7,500 $267.88 $48.50

🤓 What This Actually Means

This is a profit-taking trade on deep in-the-money calls! Here's the breakdown:

  • 💸 Massive premium collected: $36M ($48.50 per contract × 7,500 contracts)
  • 🎯 Deep ITM position: $220 strike with AAPL trading at $267.88 = $47.88 intrinsic value
  • ⏰ Time value: Only $0.62 remaining with 23 days to expiration
  • 📊 Size matters: 7,500 contracts represents 750,000 shares worth ~$201M notional
  • 🏦 Institutional play: This is NOT retail - this is hedge fund or institutional desk level

What's really happening here:
This trader likely bought these $220 calls weeks or months ago when Apple was trading significantly lower (possibly in the $230-$240 range). Now, with AAPL hitting all-time highs, crossing historic $4 trillion market cap, and earnings tomorrow creating binary event risk, they're locking in substantial gains. The minimal time value ($0.62) shows they're capturing almost pure intrinsic value.

Unusual Score: 🔥 EXTREME (9.5/10) - This happens maybe once a year! We're talking about a trade that's 15,222x larger than average for AAPL options. The size equals a small hedge fund's entire position allocation. This is statistically in the 100th percentile with a z-score of 715. Translation: This level of institutional positioning happens approximately once every 30 days for this magnitude.

📈 Technical Setup / Chart Check-Up

YTD Performance Chart

AAPL YTD Performance

Apple is currently trading at $267.88, showing strong recovery momentum throughout 2025. The stock recently broke out to new all-time highs, crossing the psychological $4 trillion market cap milestone.

Key observations:
- 📈 Strong momentum: Steady climb from mid-year lows to current ATHs
- 💹 Recent breakout: Pushed through $260 resistance zone decisively
- 🎢 Notable volatility: Stock has shown significant intraday swings in October
- 📊 Volume spike: Increased institutional activity ahead of earnings tomorrow

Gamma-Based Support & Resistance Analysis

AAPL Gamma S/R

Current Price: $267.88

The gamma exposure map reveals critical price magnets and walls around current levels:

🔵 Support Levels (Put Gamma Below Price):
- $265 - Strongest nearby support with 75.5B total gamma exposure
- Call GEX: 57.8B | Put GEX: 17.7B | Net: +40.1B
- Distance: 1.7% below current price - CRITICAL FLOOR
- $260 - Major support with 88.4B gamma (strongest support zone!)
- Call GEX: 63.7B | Put GEX: 24.7B | Net: +39.0B
- Distance: 3.5% below - dealers will defend aggressively
- $255 - Secondary support at 39.8B gamma
- Distance: 5.4% below - psychological quarter-level
- $250 - Deep support with 66.4B gamma
- Distance: 7.3% below - major institutional floor

🟠 Resistance Levels (Call Gamma Above Price):
- $270 - Immediate resistance with 106.4B gamma (STRONGEST LEVEL!)
- Call GEX: 95.5B | Put GEX: 11.0B | Net: +84.5B
- Distance: 0.2% above - RIGHT OVERHEAD
- $275 - Secondary ceiling at 61.3B gamma
- Distance: 2.0% above
- $280 - Major resistance zone with 73.6B gamma
- Distance: 3.9% above
- $285 - Extended resistance at 40.0B gamma
- Distance: 5.7% above
- $290 - Far resistance at 45.3B gamma
- Distance: 7.6% above

What this means for traders:
AAPL is trading literally at the doorstep of the strongest resistance level at $270 (106.4B gamma). Market makers holding these positions will hedge by selling stock as price approaches $270, creating natural selling pressure. This massive gamma wall explains why the smart money in our trade is taking profits here - breaking through $270 would require extraordinary buying pressure.

Conversely, the strong support at $265 (75.5B) and especially $260 (88.4B - the single strongest support) means dealers will buy dips aggressively, creating floors. This setup suggests AAPL could trade range-bound between $265-$270 through earnings unless we get a major beat or miss.

Net GEX Bias: Bullish (743.3B call gamma vs 205.8B put gamma) - Overall positioning leans bullish, but that massive $270 resistance is the ceiling holding price down.

Implied Move Analysis

AAPL Implied Move

Options market pricing for upcoming expirations:

  • 📅 Weekly (Oct 31 - 2 days): ±$8.48 (±3.15%) → Range: $261.47 - $277.03
  • 📅 Monthly OPEX (Nov 21 - 23 days): ±$12.86 (±4.77%) → Range: $256.40 - $282.10
  • 📅 Quarterly Triple Witch (Dec 19 - 51 days): ±$17.21 (±6.39%) → Range: $251.43 - $287.07
  • 📅 Yearly LEAPS (Sep 2026 - 324 days): ±$46.47 (±17.26%) → Range: $207.65 - $312.25

Translation for regular folks:
Options traders are pricing in a 3.15% move ($8.48) by Friday after earnings and a 4.77% move ($12.86) through November expiration (when this exact trade expires). That's relatively modest for a mega-cap stock heading into earnings, suggesting the market expects solid but not spectacular results.

The November 21st expiration (when this $36M trade expires) has an upper range of $282.10 - meaning the market thinks there's low probability AAPL breaks $282 by then. This aligns perfectly with the gamma resistance we're seeing at $270-$280. The trader who sold these calls is essentially betting AAPL stays below $280 through November expiration - which seems like a high-probability trade given the technical setup.

Key insight: The implied move to the downside ($261.47) would breach the $265 support but hold above the major $260 floor. To the upside ($277.03), it stays well below the $280 resistance. This narrow expected range suggests markets are pricing in an orderly earnings reaction, not fireworks.

🎪 Catalysts

🔥 Immediate Catalysts (Already Happened / Next 48 Hours)

Historic $4 Trillion Market Cap Milestone - ACHIEVED TODAY! 🎉

Apple became the third company to cross $4 trillion market valuation on October 28, 2025, joining Nvidia and Microsoft. Stock trading at $267.88 near all-time high. This milestone reflects:
- Strong iPhone 17 sales momentum (up 14% vs iPhone 16 launch)
- Services revenue approaching $100B annually
- Market confidence in AI strategy execution
- Premium valuation of 37.15x P/E vs historical average of ~28x

Q4 2025 Earnings Report - October 30, 2025 (TOMORROW!) 📊

Apple will report fiscal Q4 2025 results after market close on Thursday, October 30. This is the most immediate catalyst driving today's options activity.

Consensus Expectations:

What to watch: Apple has beaten earnings consistently, but at 37.15x P/E near ATHs, the bar is high. Key focus areas include iPhone 17 unit sales trajectory, China growth sustainability, Services margin expansion, and critically - forward guidance for the holiday quarter. Any disappointment could trigger fast profit-taking given current valuation.

Options market implications: The 3.15% implied move suggests traders expect a $8-9 reaction. With strong resistance at $270 and support at $260-$265, the technical setup aligns with a range-bound reaction unless results significantly surprise either direction.

🚀 Near-Term Catalysts (Next 30-90 Days)

iPhone 17 Sales Momentum 📱

The iPhone 17 launch (September 2025) has generated the strongest upgrade cycle in recent years:

Sales Performance:
- iPhone 17 series outsold iPhone 16 by 14% in first 10 days (US & China)
- Base iPhone 17 demand up 31% vs iPhone 16, nearly doubling in China
- iPhone 17 Pro Max seeing 12% stronger demand in US with enhanced carrier subsidies

Key Drivers:
- Enhanced display, expanded storage, improved A19 Pro processor
- Favorable pricing ($799 base model unchanged)
- "COVID-era purchasers" entering upgrade cycle (4+ year replacement)
- Strong carrier subsidies in US
- China discounts and improved competitive positioning

China Market Recovery 🇨🇳

After years of share loss to Huawei and Xiaomi, Apple is regaining ground:

Services Business Crossing $100B Milestone 💼

Apple's Services division reaching historic milestone:

🤖 Medium-Term Catalysts (2026)

Siri AI Overhaul - Spring 2026 🧠

Apple targeting spring 2026 (iOS 26.4) for major Siri upgrade powered by large language models:

Apple Intelligence Feature Rollout

Apple's AI features rolling out gradually across iOS, iPadOS, and macOS:
- Writing tools, notification summaries already available
- Advanced Siri capabilities delayed to spring 2026
- Developer API access to on-device foundation models launching fall 2025
- Language expansion: Adding 8+ languages including Chinese

Foldable iPhone - Fall 2026 📲

Apple's first foldable iPhone widely expected:

2026 Product Pipeline

Additional hardware catalysts expected:
- New Mac Studio and MacBook Air with M5 chips - Early 2026
- New Studio Display: 27-inch with miniLED backlighting - Early 2026
- Apple Home Hub: 7-inch display with homeOS - 2026
- AirTag 2, HomePod mini 2, Apple TV 4K upgrades

⚠️ Risk Catalysts (Negative)

Regulatory & Legal Pressures ⚖️

Apple faces mounting antitrust challenges threatening high-margin Services:

Impact: Services contributes 25-30% of revenue but up to 50% of profit margin. Forced commission reductions could significantly compress margins.

Tariff Pressures 💰

AI Competitive Lag 🤖

Valuation at All-Time Highs 📊

At 37.15x P/E ratio, Apple trades at significant premium to historical average of ~28x:
- Limited margin of safety at current levels
- Any disappointment magnified by stretched valuation
- Stock needs perfect execution to justify current multiple

🎲 Price Targets & Probabilities

Using gamma levels, implied move data, and upcoming catalysts, here are the scenarios:

📈 Bull Case (30% probability)

Target: $280-$290

How we get there:
- 💪 Earnings beat on iPhone 17 strength (already up 14% vs iPhone 16)
- 🚀 Services revenue exceeding $28B projections, margins expanding
- 🇨🇳 China recovery momentum continues (19% growth sustained)
- 📊 Strong holiday quarter guidance citing sustained iPhone 17 demand
- 🤖 Positive sentiment on AI roadmap and spring 2026 Siri upgrade
- 📈 Break through gamma resistance at $270-$280 on sustained buying

Key risks: Already at 37.15x P/E - needs perfect execution to justify higher multiple. Massive gamma resistance at $270 (106.4B) and $280 (73.6B) will require extraordinary buying pressure to overcome. Multiple catalysts must align simultaneously.

Technical path: Would need to clear $270 resistance decisively (likely requires 5%+ earnings beat), then grind through $275 and $280 gamma walls. Implied move upper range of $282.10 suggests low probability but possible.

🎯 Base Case (50% probability)

Target: $260-$275 range

Most likely scenario:
- ✅ Solid earnings meeting expectations (beat on iPhone, Services)
- 📱 iPhone guidance slightly conservative due to normal seasonality
- ⚖️ Tariff headwinds ($1.1B) offset by Services growth
- 🇨🇳 China shows improvement but questions about sustainability remain
- 🔄 Trading within strong gamma support ($265) and resistance ($270) bands
- 📊 Market digests earnings, waits for next catalyst (spring 2026 Siri, fall 2026 foldable)

This is the trade's sweet spot: Stock stays range-bound between $265-$270 through November 21 expiration, this massive call sale keeps full $36M premium. The trader likely expects exactly this - decent quarter already priced in at ATHs, no dramatic breakout.

Technical setup supports this: With $270 as strongest resistance (106.4B gamma) and $265 as strong support (75.5B gamma), plus $260 major floor (88.4B gamma), the path of least resistance is sideways consolidation while market waits for 2026 catalysts.

📉 Bear Case (20% probability)

Target: $250-$260

What could go wrong:
- 😰 Earnings miss or weak holiday guidance disappoints at stretched valuation (37.15x P/E)
- 🇨🇳 China growth concerns resurface (Huawei Mate 70 competition intensifies)
- ⚖️ UK antitrust ruling (£1.5B damages) or EU regulations negatively impact Services outlook
- 💸 iPhone 17 margin pressure (1.7pp lower than iPhone 16) worse than expected
- 📉 Broader tech selloff drags mega-caps lower
- 🤖 AI lag becomes more apparent as competitors advance
- 🛡️ Key support: Strong put gamma at $260 (88.4B) and $255 (39.8B) should limit downside

Technical path: Initial break below $265 support could trigger stop-losses down to $260 major floor. Below $260 would be significant breakdown requiring fundamental deterioration. Implied move lower range of $261.47 suggests this is within realm of possibility.

Important note: Even in bear case, the sold calls expire worthless and trader keeps full $36M premium. These are $220 strike calls - stock would need to collapse to $220 (down 18%) for any loss, which is extremely unlikely.

💡 Trading Ideas

🛡️ Conservative: Wait and Watch Strategy

Play: Stay on sidelines until after earnings volatility settles

Why this works:
- ⏰ Earnings tomorrow creates binary event risk - massive uncertainty
- 💸 Implied volatility elevated - options expensive pre-earnings
- 📊 Stock at all-time highs with 37.15x P/E - limited margin of safety
- 🎯 Better entry likely post-earnings after IV crush reduces option premiums
- 📉 Historical pattern: Mega-cap tech often pulls back post-earnings even on beats

Action plan:
- 👀 Watch Thursday earnings closely for iPhone 17 units, China trajectory, Services margin, and holiday guidance quality
- 🎯 Look for pullback to $260-$265 gamma support zone for stock entry
- ✅ Confirm iPhone 17 momentum sustainability and Services $100B milestone achievement
- 📊 Monitor analyst reactions - look for maintained/raised price targets

Risk level: Minimal (cash position) | Skill level: Beginner-friendly

⚖️ Balanced: Post-Earnings Call Spread

Play: After earnings settles, sell bull call spread December expiration

Structure: Buy $270 calls, Sell $280 calls (Dec 19 expiration - 51 days)

Why this works:
- 🎢 IV crush after earnings makes options cheaper - buy after volatility drops
- 📊 Defined risk spread ($10 wide = $1,000 max risk per spread)
- 🎯 Targets gamma resistance zone at $270-$280 where consolidation likely
- ⏰ 51 days to expiration gives time for foldable iPhone 2026 hype to build
- 📈 Captures upside if iPhone momentum continues without unlimited risk

Estimated P&L (adjust after seeing post-earnings IV):
- 💰 Net debit ~$6-7 per spread (buy $270 call ~$12-13, sell $280 call ~$6)
- 📈 Max profit: $300-400 if AAPL at/above $280 at December expiration
- 📉 Max loss: $600-700 if AAPL below $270 (defined and limited)
- 🎯 Breakeven: ~$276-277

Entry timing: Wait 1-2 days post-earnings for IV to fully collapse. Look for 30-day IV to drop from current elevated levels back toward historical average.

Risk level: Moderate (defined risk) | Skill level: Intermediate

🚀 Aggressive: Earnings Iron Condor (HIGH RISK - ADVANCED ONLY!)

Play: Sell iron condor around implied move ranges for earnings

Structure:
- Sell $280 calls + Buy $285 calls (upper spread)
- Sell $260 puts + Buy $255 puts (lower spread)
- Expiration: Nov 21 (monthly OPEX - same as the $36M trade)

Why this could work:
- 💸 Collect premium from elevated IV before earnings (time decay accelerates post-earnings)
- 🎯 Strikes outside weekly implied move range ($261.47-$277.03)
- 🔄 Gamma support at $260 and resistance at $280 align with short strikes
- ⚡ If AAPL stays range-bound (50% base case), keep full premium
- 📊 Betting on "good but not great" earnings already priced in at ATHs

Why this could blow up (SERIOUS RISKS):
- 💥 DEFINED BUT SUBSTANTIAL RISK - max loss $500 per condor if breaches either side
- 😱 Already at ATHs - any disappointment could trigger fast move to $250-$255
- 🚀 Beat + strong guidance could blast through $280 to $290+ immediately
- ⚠️ Regulatory headline risk from UK/EU antitrust cases - unexpected ruling could gap stock
- 📉 Assignment risk: Could be forced to take stock position if breached
- 💰 Margin requirements: Broker requires collateral equal to width of widest spread

Estimated P&L:
- 💰 Collect ~$200-300 per iron condor in premium
- 📈 Max profit: Keep all premium if $260 < AAPL < $280 at Nov 21
- 📉 Max loss: $500 per condor (minus premium collected = ~$200-300 net loss)
- 🎯 Profitable range: Approximately $258-$282 at expiration

Risk level: HIGH (defined but substantial risk both sides) | Skill level: Advanced only

⚠️ WARNING: DO NOT attempt this trade unless you:
- Have experience managing short options through earnings events
- Understand binary risk of earnings - stock can gap 5-10% either direction
- Can actively monitor and potentially adjust/close position if tested
- Have sufficient margin (broker requires $500 collateral per condor)
- Accept that this is essentially betting against large earnings surprise

⚠️ Risk Factors

Don't get caught by these potential landmines:

  • ⏰ Earnings binary event tomorrow: Results Thursday after close create significant volatility risk. Stock could gap 3-5% either direction regardless of quality. Implied move of 3.15% suggests market expects modest reaction, but surprises happen. Historical precedent shows AAPL can move $10-15 on significant beats/misses.

  • 💸 Valuation stretched at all-time highs: Trading at 37.15x P/E vs ~28x historical average, near all-time highs with modest YTD gain. Limited margin of safety - any disappointment magnified. Stock just crossed $4T market cap - psychological level where profit-taking accelerates. Requires perfect execution across iPhone, Services, and China to justify current premium.

  • 🇨🇳 China recovery remains fragile: Despite 19% recent growth, Apple holds only 15% market share. Huawei Mate 70 launching as formidable competition. Base iPhone 17 nearly doubled vs iPhone 16 in China but sustainability unknown. One weak data point or consumer spending deterioration could reverse sentiment rapidly.

  • ⚖️ Regulatory overhang threatening Services cash cow: UK court ruling £1.5B potential damages and EU Digital Markets Act pressure threaten Services business contributing 25-30% revenue, 50% profit. Forced commission reductions or third-party store mandates could materially compress margins. This is high-margin revenue at risk.

  • 🤖 AI execution risk and competitive lag: Still behind Google, Microsoft, Meta in AI deployment. Siri upgrade delayed to spring 2026. Apple Intelligence rolling out slowly. Risk of losing developer mindshare to more AI-capable platforms. Premium valuation partially justified by AI optionality - delays could trigger multiple contraction.

  • 💰 Smart money exiting at peak: This $36M call sale (15,222x average size!) at ATHs one day before earnings signals institutional caution. When sophisticated players cash out massive positions rather than riding momentum through earnings, it's a yellow flag. Position size comparable to small hedge fund allocation suggests institutional derisking.

  • 📊 Massive gamma ceiling creating natural cap: Strongest resistance at $270 (106.4B gamma) means market makers will sell into rallies to hedge, creating natural price ceiling. Breaking through requires extraordinary sustained buying pressure. Additional walls at $275 (61.3B) and $280 (73.6B) compound resistance. Would need significant catalyst beyond "good quarter" to break out.

  • 📱 iPhone 17 momentum sustainability unknown: Strong launch numbers (14% above iPhone 16) could be front-loaded from pent-up demand. Normal seasonality suggests softness post-holiday. Product mix pressure with iPhone 17 margins 1.7pp lower than iPhone 16. Supply chain increasing production creates inventory risk if demand doesn't sustain.

  • 💵 Tariff impact on margins: $1.1B tariff cost in Q4 pressuring gross margins to 46-47%. Additional trade tensions could escalate costs. Limited pricing power in competitive markets like China. Margin compression at premium valuation is dangerous combination.

🎯 The Bottom Line

Real talk: Someone just cashed out a $36M winning position one day before Apple's earnings while the stock is hitting historic $4 trillion market cap and all-time highs. That's not bearish - it's just disciplined risk management. They're taking substantial profits off the table after a big run rather than gambling on earnings volatility.

What this trade tells us:
- 🎯 Sophisticated institutional player expects AAPL to stay below $280 through Nov 21 (highly probable given gamma resistance)
- 💰 They're satisfied with substantial gains already captured (likely bought these $220 calls at lower strikes)
- ⚖️ Risk/reward no longer favorable at current levels with earnings binary event
- 📊 Similar to selling real estate at market peak - lock in profits when buyers are euphoric
- 🧠 Smart money positioning: This is 15,222x average size happening once every 30 days - institutional desk taking profits

If you own AAPL:
- ✅ Consider trimming 25-50% at these levels (ATHs, 37.15x P/E, earnings tomorrow)
- 📊 Strong gamma support at $265 (75.5B) and especially $260 (88.4B) provides cushion for remaining position
- ⏰ Hold through earnings only if you can stomach 3-5% move either direction and believe in beat + strong guidance
- 🎯 If earnings beat on iPhone 17 strength and Services crossing $100B, $280-$290 becomes realistic
- 🛡️ Set mental stop at $260 (major gamma support floor) to protect gains

If you're watching from sidelines:
- ⏰ Thursday October 30 after close is the moment of truth - mark your calendar
- 🎯 Post-earnings pullback to $260-$265 gamma support would be attractive entry (5-8% off highs)
- 📈 Looking for confirmation of iPhone 17 sustainability, Services $100B milestone, and China trajectory
- 🚀 Longer-term (6-12 months), foldable iPhone fall 2026 and Siri AI upgrade spring 2026 are legitimate catalysts
- ⚠️ Current 37.15x valuation requires multiple positive catalysts to align - low margin for error

If you're bearish:
- 🎯 Wait for earnings before initiating short positions - fighting momentum into ATHs is dangerous
- 📊 First meaningful support at $265 (gamma support), major floor at $260 (88.4B put gamma)
- ⚠️ Watch for regulatory headline risk from UK/EU antitrust cases - unexpected negative ruling could be catalyst
- 📉 Put spreads ($275/$265 or $265/$255) offer defined risk way to play downside post-earnings
- ⏰ Timing critical: Early bearish positioning risks getting run over; post-earnings offers better setup

Mark your calendar - Key dates:
- 📅 October 30 (Thursday) after market close - Q4 FY2025 earnings report (TOMORROW!)
- 📅 October 31 (Friday) - Weekly options expiration, post-earnings price discovery
- 📅 November 21 - Monthly OPEX, expiration date for this $36M trade
- 📅 December 19 - Quarterly triple witch, significant gamma expiration
- 📅 Spring 2026 (March-May) - Siri AI overhaul expected with iOS 26.4
- 📅 Fall 2026 (September) - Foldable iPhone potential launch

Final verdict: This is institutional "sell strength" positioning from smart money. At 37.15x P/E near ATHs with earnings tomorrow creating binary risk, sophisticated players are derisking rather than gambling. That doesn't mean AAPL crashes - it means risk/reward is no longer attractive for aggressive positioning at current levels. The technical setup (massive $270 resistance, $260-$265 support) suggests range-bound consolidation is most probable path. Be patient, wait for earnings clarity, and look for better entry points. The real catalysts (foldable iPhone, Siri AI) are 6-12 months away - plenty of time to find better valuations.

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and not financial advice. Past performance doesn't guarantee future results. The unusual score (15,222x average size, 9.5/10 extreme rating) reflects this specific trade's size relative to recent history - it does not imply the trade will be profitable or that you should follow it. Always do your own research and consider consulting a licensed financial advisor before trading. Earnings create binary event risk with potential for significant gaps either direction. The option seller has limited upside (premium collected) but position could be assigned if stock remains above $220 strike.

About Apple Inc.: Apple is among the largest companies in the world with a $3.99 trillion market cap, offering a broad portfolio of hardware and software products targeted at consumers and businesses in the Electronic Computers industry. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips.

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