Summary

• Micron Technology, Inc. faces extreme bearish positioning in the option market, with a put/call open interest ratio peaking at 10+ near its next earnings report.
• MU’s implied volatilities exceeded 100% and peaked around 120%, nearly double the 52-week average.
• These unusual levels suggest to me that stock traders overlooked second-order risks from key geopolitical and competing events.
• The potential reopening of the Hormuz Strait may benefit South Korean competitors more than MU.
• SK Hynix’s planned U.S. ADR listing could pressure MU’s valuation premium, introducing direct competition for U.S. capital and prompting a potential P/E multiple re-rating.
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MU stock: put-call ratio in focus

I last analyzed Micron Technology, Inc. (MU) on May 5. The article focused on the sentiment change on Wall Street and rated the stock as Sell.

Since

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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