Micron Technology (MU) has been hit by the sell-off in tech stocks, and our call is well out of the money. Let’s roll it out one week and to a lower strike price to generate more income and reduce our cost basis on the position.
Current Stock Price: $58.03
Net Debit: $67.18/$70.63
- Buy to close the MU Aug Week Four (8/26) 64 Call for around $0.04
- Sell to open the MU Sep Week One (9/2) 60 Call for around $0.89
- Set initial credit limit at $0.85, but adjust as needed to roll today
New Net Debit: $66.33/$69.78