Call options were in heavy rotation on Micron Technology, Inc. (NASDAQ:MU - 6.29) on Monday, with volume accelerating to 1.23 times the expected level. Roughly 20,000 calls changed hands on the chip stock during the course of the session, easily outstripping the 2,147 puts that crossed the tape.

The most active MU option was the January 2013 7.50-strike call, where 13,866 contracts were traded. About 91% of these calls crossed at the ask price, indicating they were purchased, and open interest at this front-month strike jumped overnight by 13,118 contracts. As a result, it's safe to assume new calls were bought to open here on Monday.

Based on the option's volume-weighted average price (VWAP) of $0.07, most of Monday's call buyers need MU to rally above breakeven at $7.57 (strike price plus VWAP) by the close on Friday, Jan. 18, when front-month options are due to expire. From the equity's current perch, that's a jump of more than 20%.

The stock endured a bearish gap last Friday on the heels of a poorly received earnings report. The shares are now testing tenuous support in the $6.20 neighborhood, but MU is currently at risk of closing a ninth consecutive month beneath its descending 10-month moving average.