A large put trade dominates today's option activity in Micron Technology today.
optionMONSTER systems show that more than 15,000 each of the April and July 24 puts have change hands this morning. The April puts were sold against open interest of 51,598, with the big block of 10,000 going for the bid price of $1.56.
Seconds later traders bought the July 24 puts for the ask price of $2.56. The volume there was 3 times higher than the previous open interest, so that is a new position.
This could be a new calendar spread , with the trader looking for MU to hold around $24 through expiration in mid-July. But it is more likely that the trader is rolling the position out in time, paying $1 to keep the position for an additional three months. (See our Education section)
MU is up 0.252 percent to $24.02 this morning. The memory-chip maker has found support around this level in the last six weeks after reaching a 12-year high of $25.68 a month ago. Shares were down below $9 a year ago.
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