Moderately bullish activity in Micron with shares up 7.4%

Moderately bullish activity in Micron (MU), with shares up $17.55, or 7.4%, near $254.50. Options volume more than double the daily average with 259k contracts traded and calls leading puts for a put/call ratio of 0.68, compared to a typical level near 0.82. Implied volatility (IV30) is higher by 3.8 points near 72.08, in the highest 10% of observations over the past year, suggesting an expected daily move of $11.56. Put-call skew steepened, indicating increased demand for downside protection.