Mike Khouw Sees Unusual Options Activity In Micron

On CNBC's "Options Action," Mike Khouw said Micron Technology, Inc. MU saw about 1.7 times its average put volume on Thursday.

A lot of that volume was a result of a single trade. Somebody was rolling out the July $75 puts out to the September $75 puts, said Khouw. The trader bought over 12,000 contracts for $3.42 per contract. Khouw explained this could be a short position, but it could also be a hedge on a long position.