Micron is seeing bullish option activity today ahead of its earnings report next week.
More than 6,000 July 10 calls have traded in a strong buying pattern today in volume above the previous open interest of 4,879 contracts. Almost all of the calls went for $0.65 and $0.66, according to optionMONSTER's real-time Heat Seeker system.
MU is up 0.59 percent to $9.40 this morning, trading at its highest levels since June 2011. The memory-chip maker began the year strong but paused at the $8 level, then resumed its ascent at the end of February.
Today's long calls , which lock in the purchase price for the stock, are looking for MU to gain roughly 14 percent by mid-July. These options could be sold earlier at a profit if their value rises with any rally before then, but they will expire worthless if the stock remains below the $10 strike price. (See our Education section)
Total call volume in the name is nearly 14,000 contracts, compared to just 743 puts. The company is scheduled to release the second-quarter earnings on March 21.
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