Sohu com (NASDAQ: SOHU) closed Tuesday's trading session at $74.96. In the past year, the stock has hit a 52-week low of $53.01 and 52-week high of $109.37. Sohu com (SOHU) stock has been showing support around $73.24 and resistance in the $76.70 range. Technical indicators for the stock are Bearish. For a hedged play on Sohu com (SOHU), look at the Dec '11 $72.50 covered call for a net debit in the $64.26 area. That is also the break-even stock price for this trade. This covered call has a duration of 94 days, provides 14.27% downside protection and an assigned return rate of 12.82% for an annualized return rate of 49.79% (for comparison purposes only). A lower-cost hedged play for Sohu com (SOHU) would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the Sohu com (SOHU) Jan '13 $42.50 call and selling the Dec '11 $72.50 call for a total debit of $29.00. The trade has a lifespan of 94 days and would provide 4.62% downside protection and an assigned return rate of 3.45% for an annualized return rate of 13% (for comparison purposes only). Sohu com (SOHU) has a current trailing average dividend yield of 0%. [ABR-Seven Summits Research]