JNY – Jones Apparel Group, Inc. – One long-term optimistic investor initiated a three-legged bullish options combination play on Jones Apparel Group today to position for a significant rally in the price of the underlying shares by expiration in February. Shares of the manufacturer of women’s clothing, footwear and accessories, under brand names such as Nine West and Anne Klein, increased as much as 0.92% during the first half of the trading day to secure an intraday high of $18.70. The bullish player populating JNY options sold 2,000 puts at the February 2011 $15 strike for premium of $0.95 each, purchased the same number of February 2011 $19 strike calls at a premium of $2.15 apiece, and shed 2,000 calls at the February 2011 $22.5 strike for a premium of $0.85 a-pop. Net premium paid to establish the three-legged transaction amounts to $0.35 per contract. Thus, the investor responsible for the trade stands ready to accumulate profits if Jones’ shares rally 3.475% over today’s high of $18.70 to trade above the effective breakeven price of $19.35 by February expiration day. Maximum potential profits of $3.15 per contract are available to the trader if the women’s fashion firm’s shares jump 20.3% to exceed $22.50 by expiration in February. Jones Apparel’s shares last traded above $22.50 back on May 3, 2010.