If an investor was to purchase shares of AMAT stock at the current price level of $136.80/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $138.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 5.04% if the stock gets called away at the September 10th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if AMAT shares really soar, which is why looking at the trailing twelve month trading history for Applied Materials, Inc., as well as studying the business fundamentals becomes important.