Sold Some Calls and Arena Update

Sold Linear Technology (LLTC) August $33 Calls at 0.50 (covering the entire position).
Sold Cisco Systems (CSCO) August $24 Calls at 0.43 (covering 3/4 of the position).

I am willing to buy the calls back at a loss if the stocks move above the strike price, but within reason, come expiration day.

And, it turns out that the market sees the Vivus (VVUS) FDA setback as a positive for Arena Pharmaceutical (ARNA). Shares are now at their 52-week high, $5.91. Just three weeks ago shares were trading near $3.