If you’ve been waiting for a pullback to buy Micron Technology MU – NASDAQ, pay attention. MU opened today down 3%, and it didn’t take long for a sharp trader to pick up 5,000 MU December 42 calls for $2.20 each.
Costing $1.1 million, MU needs to increase 6.7% to the break-even price of $44.20 for this trade to pay off by expiration. The dips in this name don’t seem to last long, and the only question now is how high will MU go before it starts to cool off.
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