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I know what the TOS guys at the TDAmeritrade option desk say, I've had this argument with them. I'll post you the CBOE link tomorrow. I know for a FACT this is how it works because I got my #$#$ handed to me once getting assigned on after hours trading -- right AFTER having talked to the options desk an hour before close to find out. That resulted in a letter to them, and eventually a refund to my account, and an apology for "misstating information." Don't trust the option guys at TDAmeritrade, they frequently don't know what they are talking about. That's not to say they all don't, I've run into smart ones that probably know more than me, but there are plenty that will give wrong advice. That said, if they do give wrong advice, and you lose money DIRECTLY because of it, they'll eventually refund it (have to).

If the stock goes to 671 BOTH get exercised, so the net effect in your account would be to gain $500 per contract. Options are NOT exercised on Friday, rather on Saturday, so the price is the price AFTER after hours trading (on most equities, not always true on indexes or ETFs, be sure to know when the exercise price is calculated -- sometimes it's even Thursday at 10:00am). If you had an account with $30K and you owned 10 of the verticals, your account would reflect some really big numbers in it that normally would give your broker a heart attack and put you into margin call. HOWEVER, since both are exercised, you just net positive $5,000.00. The bigger risk is what happens if it closes at 664.95, and then in after hours it goes to 667.00. Well the long position gets exercised, and if you had ten contracts, you now own 1,000 shares of AAPL, purchased for a price of $665,000.00. You only had $30K in your account, which means your account is now valued at (635,000.00). You will immediately be put into a regulation T call and either have to put that cash into your account, or your broker will liquidate the AAPL position at the open on Monday. What if the price of AAPL opens at 650? (a $17,00 drop from close, a big drop, but not impossible). Well you get $650,000 for that AAPL you paid $665,000 for. That's a $15,000.00 loss, so your account is now at $15,000.00. Fun times for all. Moral -- DONT EVER TAKE THAT RISK. The only time I ever risk assignment is a) if at close on Friday there is no real chance of assignment due to after hours trade or an assignment won't trigger a Regulation T call.