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)