I cannot claim any great insight for this chain of events, but it has worked out in my favor.
One of my covered call positions is in MED. I had bought the stock at $9.75 and sold a call for $.95. About 2 weeks ago the stock started an aggressive downward slide and last week I bought the call back for $.15. This gave me a profit on the call, but the stock was down $2.00 from where I had bought it.
Today MED came out with a very nice earnings report and the stock shot up $1.55 or almost 20% and I sold the same Mar10 call for $.50. After commissions my net position in the trade improved by about 2.5%.