CBS Corporation (NYSE: CBS) stock is trading lower this morning after the company reported fourth-quarter profit of 54 cents per share, above estimates of 52 cents per share. Investors don't like the fact that radio and TV profits slipped along with earnings from CBS's publishing division. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on CBS.

After hitting a one-year high of $35.75 in July, the stock hit a one-year low of $21.34 in January. This morning, CBS opened at $24.59. So far today the stock has hit a low of $24.25 and a high of $24.74. As of 10:20, CBS is trading at $24.61, down 39 cents (-1.6%). The chart for CBS looks neutral and improving, while S&P gives the stock its lowest 1 STAR (out of 5) strong sell rating.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $27.50 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. This particular trade will make an 8.7% return in four months as long as CBS is below $27.50 at June expiration. CBS would have to rise by more than 11% before we would start to lose money.

CBS hasn't been above $27.50 by more than a few cents since November and has shown resistance around $25.50 recently. This trade could be risky if the US writers' strike does not adversely impact CBS's next quarter, but even if that happens, this position could be protected by resistance CBS might find at its 50 day moving average, which is currently around $25 and falling.

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