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News Breaks
June 23, 2014
14:27 EDTMU, SNDKEarnings Preview: Analysts bullish on Micron results, outlook
Micron (MU) is expected to report third quarter earnings after the close on Monday, June 23, with a conference call scheduled for 4:30 pm ET. Micron manufactures semiconductor devices, principally Dynamic Random Access Memory, or DRAM, NAND Flash and NOR Flash memory. EXPECTATIONS: Analysts are looking for earnings per share of 70c on revenue of $3.89B. The consensus range is 58c-79c for EPS on revenue of $3.75B-$4.29B, according to First Call. LAST QUARTER: Micron reported second quarter EPS, excluding certain gains, of 85c, compared to the 76c consensus estimate of analysts. Micron's quarterly revenue of $4.11B beat expectations for $3.99B. Revenues from sales of Trade NAND Flash products were 11% higher sequentially, primarily due to a 35% increase in sales volume offset by an 18% decrease in average selling prices. Revenues from sales of DRAM products were essentially unchanged in Q2 compared to the prior quarter, as both sales volumes and average selling prices remained stable. The company's overall consolidated gross margin was 34% in the quarter, compared to 32% in the prior quarter, as a result of a higher DRAM gross margin. STREET RESEARCH: The supply/demand dynamics for Micron and SanDisk (SNDK) are more favorable than Bank of America Merrill Lynch had previously believed, analyst Simon Dong-je Woo wrote in a note to investors on June 11. Among the reasons for the change in the firm's outlook are higher memory content in laptops and tablets made in China and more aggressive promotion of flash storage by data/network operators. Meanwhile, hurdles will prevent new memory supplies from causing a glut in the market, Woo believes. Both companies should report "upbeat" results in the second half of 2014 and in 2015, the analyst forecast. He increased his price target on Micron to $40 from $22 at the time and upgraded the stocks two notches to Buy from Underperform. In a note sent two day's later, Sterne Agee said it expected the results for Micron's May quarter to be strong and predicted that the company's guidance for its August quarter will be stronger. The firm, which expects the company's August quarter results to be boosted by a turnaround in key NAND-DRAM margins, raised its price target on the stock to $38 from $32 and kept a Buy rating on the name. Most recently, RBC Capital said it thinks that Micron benefited from healthy demand trends and gross margin expansion in Q3. The firm raised its price target on the stock to $38 from $34 on June 20 and kept its Outperform rating on the shares. PRICE ACTION: Since the day after last quarter's report, shares of Micron have advanced about 30%. Ahead of tonight's report, Micron was down about 0.5% to $31.69 in afternoon trading.
News For MU;SNDK From The Last 14 Days
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April 16, 2015
06:19 EDTSNDKSanDisk downgraded to Neutral from Outperform at Credit Suisse
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April 15, 2015
18:56 EDTSNDKOn The Fly: After Hours Movers
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17:39 EDTSNDKSanDisk anticipates cost reductions of 15%-20% in 2015
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17:36 EDTMU, SNDKMicron shares trade lower by 1% after SanDisk Q1 results
17:33 EDTSNDKSanDisk down over 5% after Q1 financial results and guidance
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17:28 EDTSNDKSanDisk lowers FY15 revenue view to $5.4B-$5.7B from $6.5B-$6.8B
Consensus for FY15 revenue is $6.15B.
17:22 EDTSNDKSanDisk sees Q2 revenue $1.15B-$1.23B, consensus $1.45B
17:21 EDTSNDKSanDisk sees sequential decline in revenue in Q2
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17:16 EDTSNDKSanDisk says problems with embedded component product impacted Q1
The company says qualification delays for embedded component effected revenue in Q1 and will impact Q2.
17:12 EDTSNDKSanDisk no longer sees $1B in Enterprise sales for FY15
17:09 EDTSNDKSanDisk says reducing FY15 estimates for SAS product
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17:06 EDTSNDKSanDisk says financial performance over last two quarters 'unacceptable'
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16:08 EDTSNDKSanDisk says 'taking aggressive measures' to regain excellence
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16:06 EDTSNDKSanDisk reports Q1 adjusted gross margin 43%
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16:06 EDTSNDKSanDisk reports Q1 EPS 62c, consensus 66c
Reports Q1 revenue $1.33B, consensus $1.31B.
15:05 EDTSNDK, MUEarnings Watch: SanDisk to report Q1 results after lowering revenue guidance
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14:05 EDTSNDKSanDisk technical notes before earnings
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April 14, 2015
09:19 EDTMUMicron management to meet with Brean Capital
Meeting to be held in Chicago on April 21 hosted by Brean Capital.
08:39 EDTSNDKSanDisk volatility elevated into Q1 and outlook
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April 13, 2015
06:01 EDTSNDKStocks with implied volatility below IV index mean; LL SNDK
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