Apple Inc. (NASDAQ: AAPL) shares are trading higher today as rumors swirled that partner AT&T (NYSE: T) will offer Apple's 3G, or next generation, iPhone for only $200, much cheaper than the retail cost of these phones. This discount would go straight onto Apple's bottom-line from the pockets of AT&T, who is hoping that these cheaper prices will lure more subscribers to their network. AAPL is also getting support from a Commerce Department report that GDP grew by 0.6 percent in the first quarter, ahead of the 0.5 percent growth expected by economists. If you think that the stock 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 AAPL.

After hitting a one-year low of $98.55 in May, the stock hit a one-year high of $202.96 in December. AAPL opened this morning at $176.19. So far today the stock has hit a low of $175.80 and a high of $180.00. As of 12:40, AAPL is trading at $177.45 up $2.40 (1.4%). The chart for AAPL looks bullish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider a June bull-put credit spread below the $140 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 4.3% return in just seven weeks as long as AAPL is above $140 at June expiration. Apple would have to fall by more than 21% before we would start to lose money. Learn more about this type of trade here.