Micron Technology, Inc. (MU) is a global provider of semiconductor devices through global operations, it manufactures and markets a full range of products in leading-edge computing, networking, and consumer products. The stock is currently trading around $24.22 at the lower end of its 52 week range of $23.70-$36.59. The stock has been underperforming the market this year falling by 28.55% year to date. MU is scheduled to report earnings after the closing bell today, and the stock is bullish today rising by $0.16 or 0.69% on the session ahead of the close.

Over the past 11 quarters MU has rallied on earnings day 4 times with an average move of 5.49%. The stock appears very bearish on a chart going into the release having traded below or in the Ichimoku Cloud since February on the daily bar. Over the past 11 quarters MU has rallied from earnings to the nearest options expiration 4 times with an average move of 4.74%. The stock looks as if it could reverse its trend of the past few months and rip to the upside in today’s session. Investors expect a lot of support as the stock reaches levels close to the 52-week low. The company anticipates weak performance of DRAM products to affect the top line. The company has issued a soft guidance for this quarter.

The options market is currently implying a move of around $1.51 or 6.3% in MU by this Friday’s close giving us targets of $22.71 and $25.73.

Andrew Keene

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