Sony Corp. (NYSE: SNE) shares are rising today on news from the Wall Street Journal that it beat its rivals over the holiday season and shipped the highest number of LCD TVs (subscription required) . SNE took a 12.8% share of North American LCD TV sales in the October-December period, according to Texas-based research firm DisplaySearch. However, the data, combined with disappointing earnings by the TV manufacturers, shows that continued price volatility has hurt profitability for these firms even as sales have grown. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on SNE.

After hitting a one-year high of $59.84 in May, the stock hit a one-year low of $42.80 yesterday. SNE opened this morning at $43.70. So far today the stock has hit a low of $43.64 and a high of $44.16. As of 10:25, SNE is trading at $44.10, up $1.28 (3.0%). The chart for SNE looks bearish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bullish hedged play on this stock, I would consider an April bull-put credit spread below the $35 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 6.4% return in just ten weeks as long as SNE is above $35 at April expiration. Sony would have to fall by more than 20% before we would start to lose money.

SNE hasn't been below $42 at all in the past year. This trade could be risky if the economy continues to sour, but even if that happens, this position could be protected by any more good news on the consumer electronics front.

Brent Archer is an options analyst and writer at Investors Observer. At publication time, Brent neither owns nor controls positions in SNE.