Is Micron Stock Heading To $850?

On a recent episode of The Drift, the weekly markets show hosted by thinkorswim and tastytrade founder Tom Sosnoff and trader Adam Mesh, Sosnoff detailed his current bearish position on Micron Technology (NASDAQ: MU) and revealed a specific downside target for the memory chipmaker. He said: "I'm in the MU trade. I have two positions on in there. I'm short delta. I'm naked short calls. That's my short delta. And I'm also short strangles." He noted that Micron has already come down significantly during the recent semiconductor pullback, having declined from roughly $1,255 to around $916 in the current stretch. Sosnoff also shared that he watched Micron trade lower in overnight action and considered adding to his position but ultimately decided to hold off. "I thought it would trade 880. I got there last night. It traded 880 last night. In the middle of the night, I'm watching. It's trading 880. I'm like, should I put an order in? And I'm like, no, I'm just going to wait until tomorrow. And unfortunately, I didn't." Looking ahead, Sosnoff gave a specific price target for where he thinks the stock is headed next. "I feel like MU is, I think it's going to trade 850." Micron shares were trading around $928 intraday on Monday, down more than 5% on the session, keeping Sosnoff's target within striking distance. The move comes as several high-flying semiconductor names, including Broadcom (NASDAQ: AVGO) and Micron itself, have pulled back roughly 25% from recent record highs, prompting a broader debate over whether the AI-driven chip rally is due for further consolidation. #Micron #TomSosnoff #StockMarket 🌐 Find more market-moving insights at https://www.benzinga.com — your one-stop destination for the latest financial news, data, and expert analysis to stay ahead of the markets. 🖥️ Want the same tools the pros use—without the $10K Bloomberg terminal? Benzinga Edge gives you real-time portfolio alerts, weekly stock picks, and pro-grade research in one command center. 👉 https://bit.ly/4unSKiB ------------------------------------------------------------------------------------ 📲 Follow us on socials @benzinga 🔔 Subscribe To The Channel: https://www.youtube.com/@Benzinga ------------------------------------------------------------------------------------ ⚠️ Disclaimer: Investing in financial markets carries risk, and there are no guaranteed returns. All information is for educational purposes only and should not be taken as financial advice. Always do your own research and speak with a qualified financial advisor before making investment decisions. Only invest what you can afford to lose. Past performance does not guarantee future outcomes.