Sohu com (NASDAQ:SOHU) closed Wednesday's winning trading session at $79.05. In the past year, the stock has hit a 52-week low of $50.06 and 52-week high of $109.37. Sohu com (SOHU) stock has been showing support around $76.40 and resistance in the $81.10 range. Technical indicators for the stock are Bearish. For a hedged play on Sohu com (SOHU), look at the Dec '11 $77.50 covered call for a net debit in the $68.35 area. That is also the break-even stock price for this trade. This covered call has a duration of 100 days, provides 13.54% downside protection and an assigned return rate of 13.39% for an annualized return rate of 48.86% (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 $77.50 call for a total debit of $32.20. The trade has a lifespan of 100 days and would provide 5.50% downside protection and an assigned return rate of 8.70% for an annualized return rate of 32% (for comparison purposes only). Sohu com (SOHU) has a current trailing average dividend yield of 0%. [ABR-Seven Summits Research]