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Income Masters Trade Alert: MU

Micron Technology (MU) is falling ahead of tomorrow’s earnings announcement. I am recommending we roll our call out one week and use the cash to help buy a protective put to hedge against a post-earnings sell-off.

Current Stock Price: $56.42

Cost Basis: $68.79/$72.24

Action:

  • Buy to close the MU Jul Week One (7/1) 60 Call for around $0.69
  • Sell to open the MU Jul Week Two (7/8) 60 Call for around $1
  • Set initial credit limit at $0.31, but adjust as needed to roll today
  • Buy to open the MU Jul Week One (7/1) 52 Put for around $0.47

New Cost Basis: $68.95/$72.40

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