Pete Najarian Owns Micron Stock, Why He Also Bought Call Options

Micron Technology's solid-state drive for data center customers is presented at a product launch event in San Francisco, on Oct. 24, 2019. Stephen Nellis/Reuters

Micron Technology Inc. has surged higher since announcing better-than-expected quarterly results at the beginning of last week.

What Happened

Micron reported adjusted quarterly earnings of $2.16 per share, which beat the estimate of $2.11 per share. The company reported quarterly revenue of $7.69 billion, which beat the estimate of $7.67 billion.

Micron said it expects adjusted fiscal second-quarter earnings of $1.95 per share (+/- 10 cents) versus the estimate of $1.86 per share. The company expects revenue of $7.5 billion (+/- $200 million) versus the estimate of $7.28 billion.

Why It Matters

Market Rebellion co-founder Pete Najarian sees the stock’s relentless upward trajectory as an opportunity to jump into the name with call options.