We do not like making portfolo moves based on one quarter. ATZ has some new styles and social media campaigns which could see results in the about-to-be-reported quarter. We think fundamentally, things are fine here. That being said, we have seen other consumer-facing stocks see pressure, as high interest rates cut into shoppers' budgets. So we might see some weakness from that. Stock momenutm is good, and the last quarter was decent. Frankly, this could go either way, which is why a single quarter is never a good holding period. We would not consider it a SELL today and do like it for the long term. But it should be considered above-average risk. Put options are typically very expensive and we would not endorse that as a strategy in general. But in this case, a $37 PUT for July is $1.25, so an investor could risk $1.25 to protect a 63% gain, and we would consider this OK if that premium is maintained. The July put expires after the earnings release so it would offer protection on an earnings-related decline.
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