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Micron Technology, Inc. (MU) Put Player Makes a Big Adjustment

Micron Technology, Inc. option player rolled up her bearish bet on Friday

by 3/10/2014 10:29 AM
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Option Brief: Put players were active in Micron Technology, Inc.'s (NASDAQ:MU) options pits on Friday, with the contracts trading at a 51% mark-up to the typical daily pace, and outpacing calls by a 2-to-1 margin. Nearly half of the volume centered on two strikes, as one speculator rolled up her bearish position in the April series of options.

Specifically, one massive block of 18,934 April 22 puts changed hands at the bid price of $0.66 each, suggesting they were sold. At the same time, a matching block of 18,934 April 24 puts went off at the ask price of $1.38 apiece, indicating they were bought. Data from the International Securities Exchange (ISE) confirms the lower-strike puts were closed, while the higher-strike puts were opened.

On the charts, Micron Technology toppled the $22 mark in early January -- thanks to an earnings-induced pop -- and has yet to look back. However, this upward movement only highlights MU's longer-term trajectory, and year-over-year, the equity has tacked on roughly 167% to linger near $24.44. Micron Technology, Inc. (NASDAQ:MU) has enjoyed this steady rise thanks to a lift from its 40-day moving average, which is currently located at $24.03. In light of this, the aforementioned option activity could be at the hands of a shareholder protecting her paper profits against an unexpected decline.


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