Schaeffer's Trading Floor Blog
Stocks quoted in this article:

Momentum names that made notable moves on Tuesday and could continue to do so into Wednesday's session include semiconductor specialist Micron Technology, Inc. (NASDAQ:MU), video game developer Activision Blizzard, Inc. (NASDAQ:ATVI), and machinery concern Caterpillar Inc. (NYSE:CAT). Here is a quick look at these stocks ahead of tomorrow's opening bell.

Micron Technology, Inc. (NASDAQ:MU)

Micron Technology refuses to slow its upward trajectory. Today, the shares tacked on another 1.4% to close at $25.42, extending their year-over-year advance to 221.4%. What's more, in the second half of the session, the stock reached a fresh 11-year high of $25.66. Meanwhile, in the options pits, put volume shot up to more than two times the average daily amount, with traders focusing on the April 26 and April 28 strikes. These two back-month bets saw a combined total of nearly 55,000 contracts exchanged, with sellers driving a healthy portion of the activity.

Activision Blizzard, Inc. (NASDAQ:ATVI)

Activision Blizzard explored new record-high territory at $20.24 this morning, before finishing the session at $19.94. Over the past month, the stock has spiked 17.6%, mostly due to an earnings-induced bullish gap on Feb. 7. Nevertheless, short interest on ATVI skyrocketed more than 55% during the latest reporting period, bringing the total number of shares sold short to 19.5 million. Also, the equity's current Schaeffer's put/call open interest ratio (SOIR) of 0.83 ranks in its 99th annual percentile, indicating short-term speculators have been more put-biased on ATVI just 1% of the time during the past year.

Caterpillar Inc. (NYSE:CAT)

Caterpillar closed today's session at $96.56, after earlier edging north to an annual high of $96.94. Though the shares have gained 12.4% from their Jan. 24 intraday low of $85.88, short interest on CAT increased almost 72% during the most recent reporting period, now accounting for a healthy 6% of the stock's available float. In the options pits, bearish activity has been running rampant, as well. During the past 10 trading days, CAT has racked up an International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 2.79, which ranks higher than all comparable readings from the past year. This means speculators have bought to open puts over calls at an annual-high pace during the past two weeks.


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