Bristol Myers (BMY.) closed Wednesday's seesaw trading session at $28.51. In the past year, the stock has hit a 52-week low of $24.97 and 52-week high of $29.73. Bristol Myers (RCODE:BMY:) stock has been showing support around $28.12 and resistance in the $28.92 range. Technical indicators for the stock are Bullish and S&P gives Bristol Myers (RCODE:BMY:) a neutral 3 STARS (out of 5) hold rating. For a hedged play on Bristol Myers (RCODE:BMY:), look at the Dec '11 $28.00 covered call for a net debit in the $26.88 area. That is also the break-even stock price for this trade. This covered call has a duration of 121 days, provides 5.72% downside protection and an assigned return rate of 4.17% for an annualized return rate of 12.57% (for comparison purposes only). A lower-cost hedged play for Bristol Myers (RCODE:BMY:) would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the Bristol Myers (RCODE:BMY:) Jan '13 $20.00 call and selling the Dec '11 $28.00 call for a total debit of $7.02. The trade has a lifespan of 121 days and would provide 5.23% downside protection and an assigned return rate of 13.96% for an annualized return rate of 42% (for comparison purposes only). Bristol Myers (RCODE:BMY:) has a current annual dividend yield of 4.69%.