Benzinga - Micron Technology (NASDAQ:MU), Inc. (NASDAQ: MU) is expected to release quarterly earnings results after the closing bell today. Semiconductor stocks, meanwhile, are under pressure this year, with the VanEck Semiconductor ETF (NASDAQ: SMH) nearing the worst year since the 2008 financial crisis.
On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Micron traded at 1.3x average daily volume on Tuesday.
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The options market is implying a move of around +/-5.7% by the end of the week, higher than the average move of +/- 4%.
There was a buyer of 1,500 of the January 13 weekly 48-puts at an average price of $1.22 per contract, Khouw mentioned.
The trader bet that Micron’s stock will see further downside over the next three weeks.
MU Price Action: Shares of Micron dropped 2% to close at $50.68 in the regular trading session on Tuesday, and rose 0.6% in after-hours trading.
Check out this: Jim Cramer Cautions On This Stock Up 20% YTD Because That 'Might Be Too Much For The Year'
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