MU Options Flow: $104.7M Bullish Premium Led by $900 January Calls
A $0.94M print on the $900 calls expiring 2027-01-15 anchors a bullish tape after a 17% single day drop
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MU posted $104.7M in bullish net premium, led by $900 January calls and $800 weekly calls, as shares try to stabilize near $690 after a 30% monthly slide.
The $900 January calls set the tone
The biggest print on the tape is a $0.94M purchase of the $900 call expiring 2027-01-15. A second $900 January print of $0.48M sits right behind it. Together that is $1.42M in premium on a strike 30.4% above Friday's $690.00 close.
Today's net premium impact for MU reads $104.7M, bullish. The whale-sized alerts below account for only a sliver of that, so the headline number is being built by flow well beyond these eight prints.
Weekly strikes parked at the close
Three $690 calls expiring 2026-11-06 printed at $0.01M, $0.01M and $0.04M. That strike matches Friday's closing price of $690.00 to the cent, which tells you these were at the money weeklies hit into the final session. They have expired, and at those sizes they're noise next to the January block.
The lone put in the group is a $0.03M print on the $695 strike with the same 2026-11-06 expiry. One small put against $1.68M in call premium across the listed alerts is a lopsided ratio, but the put is too small to treat as a real hedge or a real bet.
The $800 weeklies need a move this week
Two $0.10M prints hit the $800 call expiring 2026-11-13, which is this Friday. That is $0.20M in total premium on a strike 15.9% above Friday's close, with five sessions left to get there.
The stock has shown it can move that far. MU fell from $795.23 to $656.39 on Thursday, a 17.46% drop in one session, then bounced 5.12% Friday on a day range of $676.00 to $724.80. Shares were indicated near $684 in premarket trading Monday, down 0.8%, so the stock is still working through a 30% drop over the past month.
What the positioning implies
The January $900 strike sits below the 50 day average near $961.59 and far below the June 25 high of $1,255.00. Buyers at that strike are betting on a partial recovery, not a return to the highs. The 2027-01-15 expiry also runs past the next earnings report, which is estimated for December 15 and not yet confirmed.
The alert list doesn't show who was on the aggressive side of each trade, so read the January block as a lean rather than a verdict. With 94.5% of analysts rating the stock a Buy, the dip has plenty of support on paper. The tape is where you find out who is actually willing to pay for it. Our [Whale Alerts dashboard](/whalealerts) tracks whether the follow-up flow confirms this positioning.
What to watch next
Friday's low of $676.00 is the first level to hold. A close back under it would undercut the bounce and leave the $800 weeklies worthless by expiry. A push through Friday's $724.80 high keeps the $800 strike in play before 2026-11-13.
Beyond that, watch for fresh January $900 buying, which would confirm the first block was not a one off. The December 15 estimated print is the catalyst the 2027-01-15 contracts are built around.