Micron is doing something unusual ahead of next week's earnings

Micron shares have surged 44 percent this year, outpacing the broader semiconductor space nearly four-fold.

As the chipmaker's stock sits nearly 10 percent off its May high, Stacey Gilbert, head of derivative strategy at Susquehanna, said the options market is doing something unusual ahead of Wednesday's earnings report. Here are what she told CNBC's "Trading Nation" to watch:

• The stock's implied move ahead of earnings is around 7 to 8 percent in either direction, more or less in line with its typical performance on earnings.

• However, recent trading has had more of a two-way sentiment, a notable departure from the usual upside call buying. In other words, sentiment is not as bullish as it's typically been.

• The company's analyst day in late May removed some of the volatility from the market, but there is still a decent amount of volatility being priced into the stock.

• Susquehanna covers Micron shares with a positive rating, and a price target of $80, implying about 35 percent upside from current levels.

Bottom line: Micron options are implying a less-bullish sentiment around the stock ahead of earnings, according to Gilbert.

Disclosure: Susquehanna Financial Group owns Micron shares.

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Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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