Micron attracts a large option play as a bullish position is adjusted
Micron attracts a large option play as a bullish position is adjusted. 30K Nov 46 calls sold at 21c and appears to close 30K opened for VWAP of 81c on 10/31. The call buying was rolling out of Nov 44 calls with the stock at $44.30 at that time. Shares up 56c to $44.06 Friday and the investor is selling 30K Jan 35 puts at 62c to buy 30K Jan 46 - 50 call spreads for $1.25. The three-way is opening all legs and targeting a move to $50 or beyond through the January expiration, or a 10-week 13.5% rally in shares. JP Morgan raised their price target on MU to $55 from $50 today. Micron is due to present at a SuperComputing conference Sunday and a Credit Suisse tech conference on 11/27. Earnings expected 12/21.