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Maybe some kind of sandwich option trade (I'm not familiar with the technical
term, but staying in the kitchen...), like buying shares and selling some ITM calls?

There are zillions of ways to slice the option approach, but they all
first come down to whether or not you want to put money at risk for long exposure.
It's not the best investment out there, for sure.
It's so cheap I'm happy at the token position size, because I believe
that a portfolio of a large number of similar small positions would
do very well on average through time if they're uncorrelated.
But I wouldn't recommend it to anybody.

No doubt analyst estimates are plummeting like a stone right now.
$1.95 seems a popular choice for the "earnings 2013" pool, for P/E of 6.1x.
Rather remarkably, if you exclude the write-downs and "unusual items" the year just ended came in at $4.05.
But really neither figure is very important—it's 2014 and thereafter that matter more.

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