How the Bears Are Looking to Cash in on Memory Chip Glut
In Thursday’s Blitz Daily, we’ll take a look at semiconductor company Micron Technology after a Thursday stock downgrade sent shares plummeting.
The downgrade came from financial services firm Morgan Stanley. Analysts dropped Micron’s price target from $105 to $75 as need for DRAM memory chips is expected to decline 5% by the end of the year.
Micron shares tumbled more than 8% on the news, and had the bears on Wall Street frothing at the mouth. In the options chain, traders took big bets to the downside through August and September. In particular, nearly 8,000 contracts traded in the Aug. 20 $68 strike put.
And there’s more where that came from. I have two more must-see options plays including a $4.6 million bet in a familiar gaming name that we took aim at this morning in my Daily Profits War Room! Check it out…
Disclaimer & Disclosures The information in this email is intended for informational purposes only and does not guarantee specific results as there is a high degree of risk involved with trading. Also, our traders are real traders and may have financial interests in the companies discussed. Please see our Terms and Conditions for more information.
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