This Stock May Rally Even As Other Chip Stocks Dip

Micron Technology, Inc. MU is scheduled to report its quarterly earnings after the closing bell on June 30.

On CNBC's "Options Action," Tony Zhang said that Micron Technology traded almost two times its average daily volume on Wednesday. Options traders are implying a sizable move of 7.6% on earnings versus 5.1% over the last eight quarters, he added.

Check out other chip stocks making moves in the premarket.

There was a buyer of 3,000 of the July 1 weekly 59 calls at $1.05 per contract on average, Zhang mentioned. The trader sees Micron Technology gaining at least 8% by Friday, he added.

MU Price Action: Shares of Micron Technology declined 3.18% to settle at $56.02 on Wednesday.