Micron Options Straddles Signal $139 Swing, $920–$1,200 Post-Earnings Range
MU•Near-the-money June 26 straddles priced in a $139 move by Friday’s close, implying a 13% post-earnings range for Micron shares between $920 and $1,200. Calls at the $1,050 and $1,060 strikes saw heaviest open interest while high-strike calls ($1,100, $1,200) and protective puts surged as traders braced for a post-earnings swing.
1. Expected Post-Earnings Price Range
Near-the-money June 26 straddles priced in a $139 move by Friday’s close, implying Micron’s shares could trade between $920 and $1,200 after earnings. This 13% range underscores how traders anticipate significant volatility once results drop.
2. Strike Activity and Trader Positioning
Calls at the $1,050 and $1,060 strikes recorded the highest open interest, while call volume at $1,100 and $1,200 strikes also surged. Simultaneously, put premiums climbed as market participants sought downside protection against potential earnings disappointments.
