Option traders moderately bearish in Micron with shares down 1.48%

Option traders moderately bearish in Micron (MU), with shares down $6.22 near $414.73. Options volume relatively light with 273k contracts traded and calls leading puts for a put/call ratio of 0.51, compared to a typical level near 0.79. Implied volatility (IV30) is higher by 0.2 points near 74.91, in the highest 10% of observations over the past year, suggesting an expected daily move of $19.57. Put-call skew steepened, indicating increased demand for downside protection.