Bearish options flow identified in Micron with shares down 4.9%

Bearish options flow identified in Micron (MU), with shares down $11.50 near $223.20. Options volume relatively light with 96k contracts traded and puts leading calls for a put/call ratio of 1.17, compared to a typical level near 0.74. Implied volatility (IV30) is higher by 0.5 points near 64.86, in the highest 10% of observations over the past year, suggesting an expected daily move of $9.12. Put-call skew steepened, indicating increased demand for downside protection.