Today CSCO traded as low as $22.76.
With CSCO at $22.87 I sold -1 CSCO May $22.5 Put (3 days to expiration) for a net credit of $31.05. If CSCO closes above $$22.50 on Friday I get to keep the credit. If below, I can either roll the put out to Jun for more credit, or take CSCO stock (currently yielding 3%).
Preview of CSCO Quarterly Report
|Sales||$11.36 B||$11.24-11.48 B|