Trader Is Betting On Micron Technology Declining On Earnings

Micron Technology, Inc. MU is scheduled to report earnings on Wednesday.

On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Micron Technology was the third-busiest semiconductor name among single stocks on Tuesday. Bearish bets outpaced bullish ones, he added.

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There was a buyer of 2,008 of the January 50 puts at an average price of $1.85 per contract, Khouw mentioned. The trader expects further downside to the stock through January expiration, he added.

MU Price Action: Shares of Micron Technology had declined by 1.13% to close at $55.12 on Tuesday.

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