Micron Technology Option Alert: Sep 15 $70 Calls Sweep (6) near the Ask: 1095 @ $2.28 vs 6109 OI; Ref=$64.96
Portfolio Pulse from Charles Gross
A significant number of call options for Micron Technology (MU) with a strike price of $70, expiring on September 15, were purchased near the ask price. The volume of these options was 1095, compared to an open interest of 6109. The reference price for MU was $64.96.
June 29, 2023 | 3:30 pm
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POSITIVE IMPACT
The purchase of a large volume of call options indicates bullish sentiment for Micron Technology. This could potentially drive the stock price up in the short term.
The purchase of call options indicates that investors expect the price of the underlying stock (MU) to rise. This is because a call option gives the holder the right to buy the stock at a set price (the strike price) within a certain time frame. If a large number of investors are buying call options, this could create upward pressure on the stock price as it indicates bullish sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100