Trader Is Betting On Micron Technology Declining On Earnings

Micron Technology, Inc. (NASDAQ: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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