Profitable Trade: Pepsico (PEP) Naked Puts

Two days ago in a retiree's taxable account we closed the following trade for a profit:

02/09/2012    STO 3 PEP Apr 21 2012 60 Puts @.54                 149.71
03/21/2012    BTC 3 PEP Apr 21 2012 60 Puts @.05                 -15.04

In this trade we earned $135.73 in 40 days on ~$2500 in margin maintenance. This equates to a 5.4% return on maintenance or 49.27% annual. We got to the point where we could close the trade without commissions and look to put the money to work somewhere else. On both of the Pepsico trades our strategy of selling puts after a disappointing quarterly report paid off. It is my experience that when these Dividend Champion, blue chip stalwarts sell off after a quarterly report it provides an opportunity as they usually drift back up to where they were before the report was released as one quarter does not a blue chip make.