Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

This Stock May Rally Even As Other Chip Stocks Dip

Published 30/06/2022, 13:11
Updated 30/06/2022, 14:12
© Reuters This Stock May Rally Even As Other Chip Stocks Dip

© Reuters This Stock May Rally Even As Other Chip Stocks Dip

Micron Technology, Inc. (NASDAQ: NASDAQ:MU) is scheduled to report its quarterly earnings after the closing bell on June 30.

On CNBC's "Options Action," Tony Zhang said that Micron Technology traded almost two times its average daily volume on Wednesday. Options traders are implying a sizable move of 7.6% on earnings versus 5.1% over the last eight quarters, he added.

Check out other chip stocks making moves in the premarket.

There was a buyer of 3,000 of the July 1 weekly 59 calls at $1.05 per contract on average, Zhang mentioned. The trader sees Micron Technology gaining at least 8% by Friday, he added.

MU Price Action: Shares of Micron Technology declined 3.18% to settle at $56.02 on Wednesday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.