New 52-week High for Micron Tech Shares, Options go Crazy (MU)

I can't believe I'm writing this but Micron Technology, Inc. (Public, NYSE:MU) just hit $10 a share today, that's a new 52-week high and the company is today's big story on Wall Street.  Even more impressive is the Jan 2010 $10 Call for Micron options, already trading 15,000 times as of 2 PM EST.

More than 46 million Micron shares have passed hands as of 2 PM EST, that's 2x the normal daily average. Micron Technology Inc. (MU) finally scored a profit in its latest quarter of $204 million, or 23 cents a share, compared with a loss of $718 million, or 93 cents a share, for the year-earlier period. Revenue was $1.74 billion, up from $1.4 billion for the same quarter the previous year.

That has Micron options trading in a frenzy, besides the $10 Calls, the $9 Strike is also trading hands like crazy.  More than half of the Jan $9 Puts have moved Wednesday as traders are going long Micron as fast as the market will let them:

Expires Symbol Last Chg Bid Ask Vol Open Int Jan 10 MUAB.X 0.41 0.09 0.40 0.45 15,003 33,590

Expires Symbol Last Chg Bid Ask Vol Open Int Jan 10 MUAL.X 1.10 0.40 1.05 1.10 7,940 37,201 Apr 10 MUDL.X 1.65 0.31 1.60 1.70 209 5,004 Jul 10 MUGL.X 2.05 0.40 2.00 2.10 61 1,510

Expires Symbol Last Chg Bid Ask Vol Open Int Jan 10 MUML.X 0.13 0.22 0.10 0.15 12,004 22,004 Feb 10 MUNL.X 0.35 0.25 0.30 0.40 1,299 5,120

Analysts had expected the chip maker to report earnings of 6 cents a share on revenue of $1.6 billion, according to a consensus survey by FactSet Research. 

Micron said revenue from its DRAM products rose 50% from the previous quarter, while sales of NAND Flash products rose 21% sequentially, both due to higher sales volumes and average selling prices.  DRAM chips are typically found in personal computers, while NAND Flash processors are used in such devices as digital cameras and mp3 music players.