Micron Technology (MU) NewsBite - MU Jumps on Lower Short Interest
Posted: Wednesday, March 10, 2010 10:05 AM EDT
Micron Technology (NASDAQ: MU) opened at $9.62. So far today, the stock has hit a low of $9.57 and a high of $9.80. MU is now trading at $9.73, up $0.32 (3.4%). Over the last 52 weeks the stock has ranged from a low of $2.65 to a high of $11.34. MU shares are rising today after Reuters reported that the stock saw a 17.4 percent decrease in short interest over the last two weeks in February, suggesting that traders have become less bearish on the stock. This could be a good sign for MU. Technical indicators for the stock are bearish and S&P gives MU a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on MU the stock seems like it could be a candidate for a July out-of-the-money bull-put credit spread below the 7 range. [ABR-Seven Summits Strategic Investments NewsBite]
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