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Industry: TOBACCO Closing Price: 17.39 P/E: 11.59 Avg. Vol.: 15,506K

Company Profile: Philip Morris Companies is a holding company whose principal wholly-owned subsidiaries, Philip Morris Incorporated, Philip Morris International Inc., Kraft Foods, Inc., and Miller Brewing Company, are engaged in the manufacture and sale of various consumer products. A wholly-owned subsidiary of the Company, Philip Morris

Objective: Accumulated Income on EXISTING Position - Look to Roll the Short into the June Expiration

Trade: BUY to CLOSE the MAY 17 PUTS and SELL to OPEN the JUN 17 PUTS (Rolling for a Credit of at or near .44

Entry Target: MO above 16.90