Best Buy Co. Inc. (NYSE: BBY) closed Wednesday's trading session at $27.66. In the past year, the stock has hit a 52-week low of $11.20 and 52-week high of $28.37. Best Buy (BBY) stock has been showing support around $27.33 and resistance in the $28.27 range. Technical indicators for the stock are Bullish and S&P gives Best Buy (BBY) a weak 2 STARS (out of 5) sell rating. For a hedged play on Best Buy (BBY), look at the Dec '13 $28.00 covered call for a net debit in the $24.69 area. That is also the break-even stock price for this trade. This covered call has a duration of 184 days, provides 10.74% downside protection and an assigned return rate of 13.41% for an annualized return rate of 26.59% (for comparison purposes only). A lower-cost hedged play for Best Buy (BBY) would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the Best Buy (BBY) Jan '14 $24.00 call and selling the Dec '13 $28.00 call for a total debit of $2.53. The trade has a lifespan of 184 days and would provide 4.09% downside protection and an assigned return rate of 58.10% for an annualized return rate of 115% (for comparison purposes only). Best Buy (BBY) has a current annual dividend yield of 2.48%. [MarketIntelligenceCenter.com]