Shares of Marvell Technology and Western Digital are enjoying tailwinds
Upbeat quarterly results and a strong revenue outlook pushed semiconductor name Micron Technology (MU) to record highs earlier earlier today, and is providing a halo lift to its peers. Marvell Technology Inc (NASDAQ:MRVL) and Western Digital Corp (NASDAQ:WDC) are among the handful of stocks benefitting from MU’s rally.
Marvell Technology stock was last seen up 3.8% to trade at $68.03, bouncing back from a pullback to the $63 level from a March 7, two-year high of $85.75. While shares are now back below the formerly supportive 20-day moving average, they still sport a 69% year-over-year lead.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MRVL’s 50-day call/put volume ratio of 4.21 ranks higher than 94% of annual readings. This means calls have been getting picked up at a quicker-than-usual clip.
WDC is faring even better, up 8.4% at $65.82 at last check. The security is looking to close at its highest level in more than two years, and could notch a third-straight daily gain. WDC added 88.2% in the last 12 months.
Options bulls are blasting WDC today, with 44,000 calls across the tape so far — three times the intraday average — compared to just 12,000 puts. Most popular by far is the May 80 call, where new positions are being sold to open.