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Stock Market & Financial Investment News

News Breaks
June 24, 2014
11:52 EDTMU, SNDKMicron climbs, upgraded after results beat expectations
Shares of computer memory maker Micron Technology (MU) are climbing after the company's third quarter earnings per share and revenue surpassed analysts' expectations. WHAT'S NEW: Micron's Q3 EPS of 79c was 9c higher than expectations, while its Q3 revenue of $3.98B beat analysts' consensus forecast of $3.89B. Revenues for both DRAM and NAND Flash products were down slightly for the quarter compared to last year's results. The company’s overall consolidated gross margin of 34% for Q3 was consistent with last quarter's results, as mix-related decreases in average selling prices were essentially offset by corresponding decreases in manufacturing costs. WHAT'S NOTABLE: During the company's earnings conference call, Micron guided Q4 total revenue to be in the range of $4B-$4.2B on a consolidated basis. Micron said Q4 trade NAND gross margins are expected to be down a couple of points compared to Q3 based on bit production expected to be up low-to mid-teens, average selling price down low to mid-single digits, and cost per bit flat compared to Q3. Q4 DRAM gross margin is anticipated to be flat to up slightly compared to Q3. Q4 gross margins are expected to be adversely affected in the $30M range by a last-time sale of end-of-life legacy architecture products not included in the company's DRAM and NAND guidance. In terms of expenditures for property, plant and equipment, Micron said that it is on track to be within its guided range for FY14 of between $2.8B-$3.2B, with over $1B of expenditures planned for Q4. Micron added that it has no plans to expand wafer production in FY15 and that it expects long-term NAND demand/supply to be in balance. ANALYST OPINION: Following its report and guidance, Needham upgraded Micron to Strong Buy from Buy and raised its price target for shares to $50 from $40. Analysts at Roth Capital, Jefferies, and JPMorgan also raised their price targets on the shares this morning. Goldman Sachs Analyst Mark Delaney said the firm is maintaining its Neutral rating on Micron as the firm is worried that DRAM fundamentals could be close to peak and attract incremental supply. However, he feels that investors will perceive Micron's plan to not add new wafer capacity next year positively. Goldman Sachs' price target on Micron remains at $29. PRICE ACTION: During late-morning trading, shares of Micron rose $1.59 or 5.07%, to $32.85. Shares of SanDisk (SNDK), which also offers data storage solutions in a range of form factors, are up 1% to $103.26.
News For MU;SNDK From The Last 14 Days
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August 31, 2015
11:21 EDTMUTsinghua open to Micron partnership if deal not reached, dealReporter says
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10:58 EDTSNDKSanDisk September weekly calls active on takeover speculation
SanDisk September 54 and 55.5 weekly calls are active on total call volume of 9K contracts (1K puts) on takeover speculation. September weekly call option implied volatility is at 62, September is at 50, October is at 47; compared to its 52-week range of 24 to 61. Active call volume suggests traders taking positions for upside price movement.
10:57 EDTMUAnalyst calls end to PC downturn, upgrades Intel
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10:54 EDTSNDKOptions with decreasing implied volatility: UVXY VIX SVXY VXX SQQQ SRPT TQQQ ME
10:53 EDTSNDKSanDisk off lows amid takeover speculation
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09:07 EDTSNDKB. Riley to hold a tour
Silicon Valley Tech Tour travels throughout the Silicon Valley visiting various local tech companies on August 31-September 3.
08:07 EDTSNDKSanDisk unveils data service for VMware vSphere with FlashSoft
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05:50 EDTMUStocks with implied volatility movement; MRO MU
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August 28, 2015
08:03 EDTMUMicron management to meet with MKM Partners
Meetings to be held in Connecticut on September 3 and in New York on September 4 hosted by MKM Partners.
06:10 EDTMUTsinghua Unigroup chairman meets with Micron board members, Reuters says
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August 27, 2015
15:19 EDTMUOptions Update; August 27, 2015
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11:30 EDTMUStocks with call strike movement; MU MRO
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05:53 EDTMUIC demand for notebooks picking up, DigiTimes reports
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August 26, 2015
07:52 EDTSNDKUBS to hold a tour
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August 23, 2015
14:23 EDTMUApple, Micron shares look like bargains, Barron's says
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August 20, 2015
16:00 EDTMUOptions Update; August 20, 2015
iPath S&P 500 VIX Short-Term Futures up 1.49 to 17.70. Option volume leaders: AAPL BAC FB NFLX DIS INTC BABA MU
11:12 EDTMUStocks with call strike movement; MU TWTR
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10:00 EDTMUOn The Fly: Analyst Downgrade Summary
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09:20 EDTMUOn The Fly: Pre-market Movers
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07:28 EDTMUBaird downgraded Micron to Neutral on falling DRAM prices
Baird analyst Tristan Gerra downgraded Micron to Neutral from Outperform and lowered his price target to $15 from $36 on DRAM price concerns. Gerra believes blended DRAM pricing could fall 20%+ between now and next year, down to fully loaded costs before capacity cuts take place. The analyst said continued PC unit weakness, soft enterprise server, mobile DRAM weakness, and excess channel inventories are causing the current downturn. Gerra expects Micron's gross margin and earnings to bottom in the February quarter and sees little upside potential until then.
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