Options Market Statistics: Micron Slumps After Company Cuts Outlook, Analysts Raise Concerns; Options Pop
$Micron Technology(MU)$ slumped about 16% on Thursday with the most traded puts are contracts of $85 strike price that expire on Dec 20. The total volume reaching 32,671 with the open interest of 12,684.
Micron said late Wednesday that it sees current-quarter revenue of about $7.9 billion, well below estimates. The company pointed to a weaker-than-expected PC replacement cycle, and slowing demand for its products in the auto and industrial sector.
The news, along with bearish takes by a range of Wall Street analysts, pulled the stock down 16% recently to below $88 - around their lowest level since September—making the stock one of the top decliners in the $S&P 500(.SPX)$ in recent trading.
There was a noteworthy activity in $Micron Technology(MU)$ , with $86 calls topping the highest volume to open interest ranking. The highest volume over open interest ratio reaches 173.0x with 17,817 contracts.
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