Micron Technology seeing increased call activity into earnings Semiconductor maker Micron Technology (MU) is due to report Q3 earnings after the bell, consensus on the street is (.42). Activity is seeing an increase of 300% going into this event with traders focusing on calls. More than 23k calls have traded vs 3k puts traded outpacing puts 7:1. The strike in focus in the July 5 strike where 18,346 have traded against an open interest of 20,463. Order flow is on the bullish side with 60% of trades taking the offer but, since open interest is not exceeded its tough to tell if some of the activity is opening or closing. The top trade was a block of 9,000 July 5 calls trade on the ask-side for .60 cents. The July 5 calls hold a strong premium going into earning with shares at $5.28 and the July 5 strike trading at $.60, shows $.30 of extrinsic, it will take a big surprise to get these calls to move.
(This is a version of what appeared in our Trader Pro Service today)
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