Mike Khouw Sees Unusual Options Activity In Micron

Mike Khouw said on CNBC's "Options Action" he saw four times the average daily put volume in Micron Technology, Inc. MU on Thursday. Call options volume was also above average, but puts were more notable, he added.

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During the session, Khouw noticed somebody bought 5,000 contracts of the August 27, $65-strike puts for 65 cents. The buyer is betting the stock is going to trade below $64.35 or more than 8.40% lower at the August expiration.