Shares of Micron Technology Inc (NASDAQ:MU) were last seen down 1.9% to trade at $163.28, despite the company handily beating fiscal fourth-quarter estimates with results of $3.03 per share on revenue of $11.32 billion. Though the semiconductor manufacturer saw its revenue skyrocket throughout the quarter, recent moves by sector peer Nvidia (NVDA) could be eating into potential gains.
The stock its currently on pace for just its third daily loss this month, which is shaping up to best its best 30-day stretch in 16 years. Even with today's setback, shares remain just short of their Sept. 19, record high of $170.45, with support from their 10-day moving average. Micron stock is still up 93.5% this year.
Also softening any further potential losses is a wave of bullish analyst attention, with Micron attracting at least 14 price-target hikes today, including at BofA Global Research to $180 from $140. Overall sentiment is upbeat, as only six of the 36 firms in coverage dissenting with a "hold" or worse rating.
Despite the mostly optimistic outlook, many traders are betting on a return to normalcy for the stock. At the International Securities (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MU's 10-day put/call ratio sits in the 86th percentile of the last year.
Calls are dominating the tape today, though, with 185,000 traded and 156,000 puts traded, for overall intraday volume that's triple the usual amount. The most popular contract is the weekly 9/26 160-strike put, though the 170-strike call from the same series is not far behind. New positions are opening at both contracts.
