Options Action Targets Micron After Patent Case Ruling
"Fast Money" Contributor
Traders were buying calls in Micron Technology for the second day in a row right after the opening bell Wednesday, following a federal court ruling in California that halted a patent infringement case brought by rival Rambus.
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Micron saw strong activity in the March 4 calls yesterday, and traders followed up at that strike again this morning by buying 2,500 contracts in a single print. Those went for $0.35, according to OptionMonster's Heat Seeker system, a cheap shot for a run to the upside.
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The stock has since broken $4, up some 7.5 percent on the day, and the March 4 calls are now trading for $0.60. MU shares are still less than half of their 52-week high, which was just under $9 last summer.
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Advanced Micro Devices