Hershey (HSY) has fallen after reporting in-line third-quarter results before the open this morning, as guidance was below consensus due to higher milk costs on the strong dollar. I am not concerned about the selling today, as the stock had rallied back to a multi-month high yesterday before the results, so “selling the news” was to be expected. Our call position is in our stop-loss range, but given the longer-term expiration, HSY still has plenty of time to make another move higher. Continue to hold the HSY January $90 calls. I will be in touch if we need to take any action.