We are closing the covered-call position that we opened last week on Canadian National Railway Co. (TSX: CNR, NYSE: CNI). Although our intention had been to hold the short call position through its expiration on Sept. 16, the option price has declined sharply over the past week, thereby providing an opportunity to lock in a substantial gain in a short period of time.

The current mid-price is C$0.48, for a profit of 38% over the price at the time of initial recommendation. Buy to close the September 16, 2016 call on CNR with a strike price of C$82.00.