In late November 2024, multiple media reported that,$Apple (AAPL) $Has been sent toDelhi High Court, IndiaFile a 545-page document formally challenging India's new antitrust fine rules, which will be enabled in 2024. The rule allows the Competition Commission of India (CCI) to calculate fines based on a business'sWorldwide turnoverAs a basis, Apple may face in the current antitrust investigationUp to about $38 billionOf fines. Apple called the system "arbitrary, unconstitutional and disproportionate."
This is the first challenge to the new regulation. Apple notes that CCI has been in an unrelated case on November 10, 2024First and retrospectively applicableThis rule, so companies have "no choice" but to pursue a constitutional-level lawsuit in case they suffer retroactively large penalties for old conduct in the future. Apple argues that the fine should only be based on the business income in India related to the violation, rather than the overall global business, and uses the example of "toy stores and stationery stores" to emphasize the irrationality of the fine based on the overall income.
In terms of investigation, since 2022, CCI has been reviewing Apple's competitive behavior in the iOS app market, including restricting third-party payments and charging developers a commission of up to 30%; Apple denies all allegations, and the CCI has yet to make a final ruling. Some competitors, such as Tinder's parent company Match, support fines based on global turnover, believing that they can form a strong deterrent to large technology platforms.
Legal experts pointed out that since the revised legal text explicitly authorizes CCI to refer to global turnover, it will be quite difficult to persuade the court to overturn this legislative policy. Apple's petition is expected to beDecember 3Conduct a trial.
Sell a call option
1. Strategy structure
Investors on Apple (AAPL)Sell a Call option with a strike price of $280 (Call)：
Sell Strike Price Call: K = 280
Premium Revenue: $0.24/share
The strategy belongs toCredit type, bearish or neutral to weakSingle-leg option portfolio. Investors hopeApple Maintains Below $280 at Expiration, so that all premium's revenue is profit.
Initial net income
Net premium (per share)
= $0.24
Because 1 mouth = 100 shares: total income = 0.24 × 100 =$24/contract
This is the maximum potential profit that an investor locks in when opening a position.
3. Maximum profit
When the Apple expiration price is ≤ $280, the sold Call is out of the money, the option expires without value, and the investor retains all premium.
Maximum profit =$24/contract
4. Maximum loss
ForNaked Sell Call (no stock held), when the underlying price rises, the loss rises indefinitely.
Maximum loss =Infinite (theoretically uncapped)
5. Break-even point
Breakeven point for selling a call option:
Break-even point = strike price + premium received = 280 + 0.24 =USD 280.24
Maturity judgment:
≤ $280.24 → Investor earnings
$280.24 → Investor losses
6. Risk and return characteristics
Maximum gain: $24/contract (limited)
Maximum Loss: Unlimited
Break-even point: $280.24
Applicable scenario: Investors don't think Apple will significantly break $280 before expiration, or want to profit from time-value decay
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