We remain long Ternium S.A. (TX) just above the $21 level. We had thought of selling call options against our long stock position just before recent fourth quarter earnings were announced but we refrained from doing so. The reason being, our cost-price just before earnings were announced was too high relative to where the share price was trading. In this instance, the risk/reward setup just wasn't attractive so we held onto our shares going into earnings.
Incidentally, in the fourth quarter, Ternium announced earnings of $0.36 per share. This was below the consensus