I also shorted FIT.
As a hedge, using Puts, prior to earnings.
Bought May 13 '16 $13.50 Puts on 05/02 for $0.27.
Closed yesterday for $0.60.
Gain of 122%.
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Next FIT trade on same day:
At the same time that I bought the Puts in the first trade, I sold Calls.
Sell May 13 '16 $18.50 Calls on 05/02 for $1.12.
Covered those Calls on same day by buying May 13'16 $20 Calls for $0.66.
Now it's a Covered-Call trade. At that point, the gain is $0.66 if they expire worthless. Do you think FIT will trade above $18.50 by next Friday? I don't. By next Friday, the gain will still be $0.66 and the trade will be over. There is no percentage gain because there was no expense other than commissions.
But wait, there's more.
Yesterday I closed the $18.50 Calls for 2-cents since they are worthless, then sold the the same number of $15.00 Calls for 15-cents and they expire on the same date (next Friday).
Subtracting the closing price of $0.02, the gain on that sale will be $0.13.
So now the gain by next Friday on this trade will be $0.79 instead of the $0.66 stated earlier.
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Time to buy Calls soon. I think that would be rather FITting.