Micron shares are off 20c to $6.40 amid continued weakness in the chip/semi sector (link to analyst downgrade of chip stocks). Notable trade was a sweep of 5,010 of December $6 puts at the 40c ask. Prior open interest in the strike was 1,748 so this appears to be an opening purchase. IV has moved up from 68% from 66% yesterday and up from around 63% one week ago.
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Micron Technology Inc (MU) $6.46 -1.82%
Posted on November 3rd, 2009 1:20 pm
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2 users commented on " Micron Technology Inc (MU) $6.46 -1.82% "
Follow-up comment rss or Leave a TrackbackThanks, Steve. Looks like railroads, chips and gold are the stories of the day.
Find more of Steve Smith’s work at: http://www.minyanville.com/optionsmith/
Hopefully it’s tied to stock.
This is actually downgrade #2 on the chip sector within the past coupla weeks, meanwhile INTC raises guidance and their stock gets sold off.
Thinking it’s way way overdone on the selloff at this point.
I’ll sit on my $BYT (and watch $SOX $SMH calls/puts), but should be interesting what CSCO says on earnings.