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

Micron Technology Inc (NASDAQ: MU) 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. 

"The reason I like that so much is all this stock has done is absolutely explode to the upside," Najarian said Wednesday on CNBC's "Fast Money Halftime Report."

"And yet, it's still an inexpensive stock with, I think, a lot more in front of it," he added.

This morning, someone bought 23,000 of the $95 strike calls expiring at the end of the week, Najarian told CNBC.

"That definitely triggered for me," he said. "I already owned the stock, but I decided to jump into the options as well."

See Also: Check Out What Whales Are Doing With MU

MU Price Action: Micron has traded as high as $96.96 and as low as $65.67 over a 52-week period.

The stock was up 3.34% at $96.04 at time of publication.

Photo: courtesy of Micron.