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Option Clips: Micron Technology, Dicks Sporting Goods, and NVIDIA

Reviewing notable options activity on Micron Technology, Inc., Dicks Sporting Goods Inc, and NVIDIA Corporation

by 2/10/2014 2:04 PM
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Two equities generating buzz on StockTwits today are semiconductor concern Micron Technology, Inc. (NASDAQ:MU) and athletic apparel retailer Dicks Sporting Goods Inc (NYSE:DKS). Chip maker NVIDIA Corporation (NASDAQ:NVDA), meanwhile, is also garnering unusual attention in the options pits. Here's a look at how traders have been aligning their speculative bets today.

  • Micron Technology, Inc. (NASDAQ:MU) notched a 10-plus-year high of $25.24 today, but has trimmed its lead to 1.5% at $24.87. Analysts at JMP this morning upped their price target on MU to $33 from $31, and at least one options trader is gambling on more upside for the shares. Specifically, data from the International Securities Exchange (ISE) indicates the speculator is cashing in his in-the-money February 22 calls, and buying to open April 25 calls with part of the proceeds. What's more, there's plenty of room for more upbeat analyst attention to fuel MU higher. More than half of the analysts following the stock maintain "hold" or worse ratings.

  • Dicks Sporting Goods Inc (NYSE:DKS) is 2.8% higher at $52.55, after touching an intraday peak of $54.64, thanks to the company's rosier-than-expected fourth-quarter earnings guidance. Already today, DKS has seen roughly 2,500 puts cross the tape -- four times the norm -- with some traders liquidating their losing March 52.50 puts. There are plenty of option bears to hit the exits, too, as the stock sports a 10-day put/call volume ratio of 3.81 on the ISE, Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks in the 82nd percentile of its annual range, implying that option traders purchased to open DKS puts over calls at an accelerated clip during the past couple of weeks.

  • NVIDIA Corporation (NASDAQ:NVDA) is flirting with breakeven around $15.87, though option activity is running rampant ahead of the firm's turn in the earnings confessional Wednesday night. In fact, total volume is running at more than three times the average intraday pace, with about 14,000 calls and 9,400 puts exchanged, and the stock's 30-day at-the-money implied volatility is 6.5% higher at 35%. Digging deeper, it looks like one trader is rolling the dice on a short-term dip for NVDA, buying to open a block of 5,000 February 15 puts.


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