Buy low, sell high, hedge with options has bee THE WAY to play MU :-)
If one got exercised up at $47 and bought here, that would be a gain. Still a neutral strategy. If this 'extended' gap and go does fill, plan on selling to close the protective puts for a small gain and OR selling puts against them to lower their cost.
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The long puts are for regular July expiration, just FYI :)