Micron Technology (MU, news, chart) short-term puts are active as the stock falls for a third consecutive trading session. The stock lost ground on Friday following the chipmaker’s disappointing earnings results. MU is down 13 cents to $5.97 today and now down 20.7 percent since June 25th. Today’s weakness comes after Semiconductor Industry Association (SIA) reported May worldwide chip sales rose 7.5 percent from year ago levels. May is historically a strong month for chip sales. In addition, “It is likely that the distribution of tax rebate checks to millions of Americans was a factor in increased consumer spending,” according to SIA. Chip stocks are trading broadly lower, as the sales numbers failed to impress. MU is one of them. In the options market, 26,000 MU puts have traded, or roughly 10 times the number of call options. The July 6 puts are the most actives, with 8,975 contracts traded and 97 percent hitting offerside. Buying interest is also being seen in the July 8 and July 5 put options.