Micron Technology attracted bullish option activity before its quarterly results Thursday night.
OptionMonster's tracking programs detected heavy buying in the May 10 calls, which traded in big chunks for $0.42. More than 22,000 of the contracts traded against open interest of 2,411 contracts.
Those calls lock in the price where investors can buy the stock, so they can generate some nice leverage in the event of a rally. But if the shares don't move, these contracts could lose all their value.