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Will Micron Earnings on Wednesday Get Chip Stocks Moving Again?

by | Mar 18, 2024

Earnings season is winding down but we still have a few interesting companies yet to report this week, including Micron, which could get the AI and chip names moving again.

AI has been all the rage on Wall Street this year, with stocks bouncing just for even mentioning it during their earnings call. Micron has also dipped its toe into the AI waters, and a lot of analysts are projecting a nice bounce for the stock. 

But where are people putting their money where their mouths are for MU, which reports Wednesday after the close? 

With shares trading right around $95, we got an order for the March 28 expiration, $95 strike calls Monday morning to the tune of nearly $600K in premium…

That’s a pretty big order for the in-the-money calls with market makers implying a move of $9.29 up or down. 

As far as other earnings plays this week, we also saw some action in Pinduoduo (PDD), which reports before the open Wednesday. 

Keep in mind that these short-dated plays can and will go to $0 if wrong — so trade accordingly and only buy what you can afford to lose if you trade at all!

Top Order Flow: 

  • MU Mar24 28th Strike: 95 Calls premium: $598,133 ABOVE ASK BULLISH
    Trade Date: March 18, 2024 Trade Time: 9:35 am
  • PDD Mar24 22nd Strike: 140 Calls premium: $129,000 ASK BULLISH
    Trade Date: March 18, 2024 Trade Time: 12:03 pm
  • PDD Mar24 28th Strike: 150 Calls premium: $139,302 ABOVE ASK BULLISH Trade Date: March 18, 2024 Trade Time: 11:46 am
  • PDD Mar24 22nd Strike: 129 Puts premium: $152,880 ASK BEARISH
    Trade Date: March 18, 2024 Trade Time: 11:40 am
  • XPEV Mar24 22nd Strike: 10 Puts premium: $218,782 ABOVE ASK BEARISH
    Trade Date: March 13, 2024 Trade Time: 3:17 pm

Note: If no date is listed after the month, it’s the monthly expiration (third Friday). 

Lance Ippolito Trading Team

Lance doesn’t want the CCP spying on him, so you’ll never find him on TikTok. Same goes for other social media sites, which are filled with impersonators, scammers and crypto bros. 

You can only find him on his personal YouTube Channel — smash that Subscribe button! https://www.youtube.com/@LanceIppolito 

And in his private Telegram channel: https://t.me/+-gVwEIwGJhplMTgx 

*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

P.S. Want My ‘Go to’ Strategy to Target Overnight Moves?

Now that the clamor of earnings season is settling down, I’m ready to reveal my “go to” strategy to target meaningful overnight moves on certain stocks.

And, no, this isn’t about corporate news announcements, new drug approvals or anything like that.

While those things can lead to some pretty big moves in a stock’s price, they’re not the driving force behind it.

The real reason is much more powerful…

And I’m holding a one-time broadcast at 3 p.m. ET on Tuesday, March 18, to give you all of the details behind my “go-to”strategy to target meaningful overnight moves on certain stocks.

While I cannot promise future returns or against losses…

I’ll share some of my favorite tickers during the presentation — and you never know what trade ideas may pop up on my News Flow Scanner during the session!

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WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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