Market Overview

June 18 U.S. Close: Nasdaq rallies 1.91%; S&P 500 gains 1.09%; Dow adds 0.14%.

Options volume hit 75.04 million contracts, with calls accounting for 57% of total volume.

Top 10 Option Volumes

Micron Technology shares jump nearly 9% last Thursday (June 18); options volume hits 1.16 million contracts. Call options expiring that day with a $1,150 strike see heavy trading at 42,049 contracts.

Citi Research sharply raises Micron's price target and earnings forecasts, citing an extended memory supercycle with pricing momentum far stronger than previously expected.

In a June 17 report, Citi lifts Micron’s price target to $1,200 from $840, maintaining a buy rating; the 43% hike reflects surging DRAM and NAND prices. The bank now sees DRAM ASPs jumping 200% and NAND up 186% through 2026, with strength persisting into 2027, driven by robust data center demand and tight supply. Citi also boosts fiscal 2026 and 2027 EPS estimates by 4% and 10%, respectively, with 2027 EPS pegged at $114.73—about 4% above consensus.

Micron shares closed at $1,133 on June 19, leaving roughly 6% upside to Citi’s new target. All eyes turn to Micron’s fiscal Q3 results on June 24, where commentary on long-term supply agreements and demand outlook will be key.

Marvell Technology rallied more than 7%; options volume reached 637,370 contracts, 3.5 times its 90-day average. Trading was concentrated in the June 18 $330 call, with 42,430 contracts changing hands.

Marvell is set to join the S&P 500 on June 22, a move expected to drive passive inflows from index-tracking funds. Separately, KeyBanc raised its price target on Marvell to $385 from $260.

Unusual Options Activity

Intel shares surge over 10% last Thursday (June 18); options volume hits 1.43 million​ contracts, 2.1 times the 90-day average. Call options expiring that day​ with a $135 strike​ see heavy trading at 138,218 contracts.

Robinhood shares gain nearly 3% last Thursday (June 18); options volume hits 570,426 contracts, 1.8 times the 90-day average. June 18 $110 calls see heavy trading at 49,168 contracts.