They're not both in the money at the moment -- if the share price passes $45 then I'll be at maximum profit of $5 per share (minus a certain amount due to the bid/ask spread on reversing out of the position).

At the moment trading out would result in no profit.

I expect PPD to go up in price today, however, due to the sole analyst following the stock upgrading his earnings expectation for this quarter.

- Thomas.

> Thomas,

> When options are in the money they behave
> exactly like shares (futures).

> You already made the maximum on the spread,
> why would you want to hold on till the
> expiration?

> The market may reverse and end up between 40
> and 45 (you make less) or even drop below 40
> (you lose money).

> So, get out.

> Simon