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June 24, 2014
11:52 EDTSNDK, MUMicron 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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March 3, 2015
08:34 EDTSNDKSanDisk to hold a business news update
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07:27 EDTSNDKMorgan Stanley to hold a conference
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07:07 EDTMUMicron downgraded at Nomura
As previously reported, Nomura downgraded Micron to Neutral from Buy. The firm is forecasting bit growth to exceed the market for the second year in a row and said Micron is undershipping demand in DRAM, as technology migrations limit supply output. Nomura believes Micron is behind in technology transitions and is expected to have a big 2016 investment year in order to increase DRAM capacity and migrate technology to NAND. Nomura's analyst said May consensus estimates are too high given continued PC weakness and the shift to mobile doesn't seem factored into current expectations. Nomura lowered Micron's May earnings estimate to 73c from 80c, FY15 estimate to $3.35 from $3.65 and FY16 estimate to $4.00 from $4.85.
06:45 EDTMUMicron downgraded to Neutral from Buy at Nomura
March 2, 2015
10:27 EDTMUStocks with call strike movement; MU SYY
Micron (MU) July 37 call option implied volatility increased 18% to 39, Sysco (SYY) April 43 call option implied volatility increased 10% to 42 according to IVolatility.
07:57 EDTMUMicron DRAM pricing in-line, says Pacific Crest
After traveling with Micron's management, Pacific Crest says that the company's DRAM pricing trends are in-line with expectations and stable. The firm expects the company's DRAM margins to expand beginning in the second half of 2015 and into 2016. It continues to recommend buying the stock.
February 27, 2015
08:00 EDTSNDKMorgan Stanley likes SanDisk shares here
Morgan Stanley's NAND checks indicate supplier inventories are low and 1H 2015 pricing is holding up better than expected. Furthermore, contacts indicate Samsung's Galaxy S6 launch on Sunday will likely have upgraded NAND content of 32/64/128GB vs. the S5's 16/32GB. The firm believes the S6's content would absorb more bits in 1H than previously expected and help support NAND prices. The analyst reiterates SanDisk's Overweight rating and likes shares at these levels.
February 26, 2015
09:00 EDTMUMicron management to meet with Deutsche Bank
Meeting to be held in Boston on February 26 hosted by Deutsche Bank.
February 25, 2015
07:56 EDTMUMicron management to meet with Deutsche Bank
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February 24, 2015
14:35 EDTMUMicron retreats amid pricing, Apple worries but analysts defend shares
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12:42 EDTMUOn The Fly: Midday Wrap
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12:26 EDTMUMicron weakness a buying opportunity, says Sterne Agee
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12:15 EDTMUMicron sell-off 'totally unwarranted,' says Summit Research
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11:48 EDTMUMicron says not seeing pricing decline alluded to in 'boutique firm' report
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11:40 EDTMUStocks with call strike movement; MU EBAY
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11:38 EDTMUMicron pullback a buying opportunity, says JPMorgan
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10:43 EDTMUMicron drop on Apple speculation presents buying opportunity, says Stifel
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09:46 EDTMUMicron falls sharply, levels to watch
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09:46 EDTMUMicron's May guidance looks increasingly challenged, says Cleveland Research
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February 23, 2015
10:38 EDTMUMicron management to meet with Pacific Crest
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