While the collection of option premium might supplement the returns, the primary driver of a covered call strategy will most likely be simply the upward or downward movement in the stock price. (swanglobalinvestments.com)
This means movements in book value typically move in tandem with movements in stock price, at least over the long run. (financialcanadian.com)
While both may happen, the fact is that there is actually very little correlation between cyclical movements in earnings and cyclical movements in stock prices. (hussmanfunds.com)