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To: Barry Grossman who wrote (12572)	1/7/1999 2:41:00 PM
From: jopawa	Read Replies (1) \| Respond to of 93625

From thestreet.com OPTIONS BUZZ DRAM Report Pumps Micron Shares By Dan Colarusso Senior Writer 1/7/99 12:55 PM ET A SoundView Financial report that carried good news for Micron Technology (MU:NYSE) had options traders running to cash in on a big rally. The stock, up 5 5/16 to 64 15/16 at midday, jumped on a suggestion in the Soundview report that a big Asian DRAM maker told distributors it won't accept any more orders. "While we have not been able to confirm this data, it comes from a very reliable source," the Soundview report says, adding that the supplier "is having difficulty in satisfying demand from large OEMs." The SoundView report hit the First Call wires at about 10:15 this morning. Paul Foster, the options strategist at 1010WallStreet.com, said the implied volatility of Micron options rose to around 70, higher than normal for the stock. That increase in volatility boosted volume as well: The January 60 calls traded more than 700 contracts before noon and January 65 volume popped to more than 1,200 contracts. The prices reflected a strong desire by traders to get into the action. Premium on the January 65 calls expanded 2 3/16 ($218.75) to 2 15/16 ($293.75) in just two hours. Traders who Wednesday took volume on those calls to 1,200 contracts and bought in at 3/4 ($75) were reaping their profits this morning. Out in the April months, long-term call holders looked like they were cashing in their contracts at the 50, 55 and 60 strikes to take advantage of the day's rally. Those calls were each up more than 4 ($400), moving almost dollar-for-dollar with the underlying stock.