Ahead Of Earnings, Micron Sees Spike In Options Trading: Traders Anticipate Price Surge

Micron Technology, Inc. MU is scheduled to release its quarterly results after the closing bell on June 28, 2023.

On CNBC’s "Options Action,"  Mike Khouw of Optimize Advisors said options markets are implying a move of around +/-6% following the release of earnings, in-line with the average move recorded over the last eight quarters. Micron traded at 1.7x its average daily call volume on Tuesday.

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There were buyers of 9,403 of the July 73-calls at an average price of 92 cents per contract, Khouw mentioned.

Traders expect Micron’s shares to surge more than 10% by July expiration.

Analysts expect Micron to post a quarterly loss at $1.57 per share on revenue of $3.67 billion

Price Action: Micron shares rose 2.1% to close at $66.79 on Tuesday and were down 1.5% in Wednesday's premarket trading session.

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