With Chesapeake's upcoming Q2 2012 earnings release scheduled for August 7, 2012, an investor might consider protecting an investment in the company, just in case the company has some bad news to report. A protective strategy to consider is a protected covered call or collar, as the strategy provides positioning for a potential profit, even if the stock price remains unchanged, while protecting against a large drop in stock price. The protective covered call may be entered by selling a call option against a stock and using some of the proceeds to purchase a protective put option for protection or "insurance."