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Stock Market & Financial Investment News

News For MU From The Last 14 Days
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June 26, 2015
07:29 EDTMUMicron price target lowered to $23 from $25 at Nomura
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07:16 EDTMUMicron should be bought aggressively at current levels, says Jefferies
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07:14 EDTMUIntel estimates lowered following Micon report at Jefferies
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07:14 EDTMUMicron outlook still positive, says Stifel
After Micron reported weaker than expected results, Stifel blamed the company's difficulties on a greater than expected shift away from PCs. However, the firm thinks the company's strategy of increasing its exposure to other markets is correct, and it believes that DRAM supply can align with end market demand during the current quarter. Stifel cut its price target on the name to $34 from $41 but keeps a Buy rating on the shares.
06:20 EDTMUMicron downgraded to Neutral from Buy at Mizuho
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06:09 EDTMUMicron effectively reset expectations, says Piper Jaffray
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June 25, 2015
19:04 EDTMUOn The Fly: After Hours Movers
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17:56 EDTMUMicron plunges after Q3 results, guidance impacted by PC headwinds
Shares of PC related memory chip maker Micron Technology (MU) are plunging after reporting third quarter financial results and fourth quarter guidance that missed analyst expectations. WHAT'S NEW: After the close, Micron reported Q3 earnings per share of 54c on revenue of $3.85B, both shy of analyst estimates of 56c and $3.9B, respectively. Citing "near-term headwinds driven primarily by weakness in PC sector," Micron gave a fourth quarter revenue view of $3.45B-$3.7B which was significantly lower than analyst expectations of $4.16B. WHAT'S NOTABLE: On the company's earnings conference call, Micron said, consistent with prior expectations, "We are forecasting DRAM industry supply bit growth in the mid-20s in calendar 2015 and in the low-to-mid 20s in 2016." The company said it sees DRAM gross margins for Q4 down mid-single digits sequentially. Additionally, the chip maker said it sees Q4 DRAM bit growth flat to up low single digits. ANALYST TAKE: On June 22, Micron was downgraded to Sell from Neutral at Goldman Sachs. Goldman analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. On the same day, JP Morgan lowered its price target on Micron shares to $33 from $37. The firm also lowered its estimates for Micron citing lower than anticipated DRAM pricing in the past three months. The firm, however, kept an Overweight rating on Micron, saying improving demand in other segments like mobile and the company's decision to not hold inventory during Q3 should help offset the DRAM weakness. PRICE ACTION: Shares of Micron are lower by 11.5% in after- hours trading to $21.25. OTHER PC RELATED STOCKS: In after-hours trading, PC related chip makers are also lower, with Intel Corporation (INTC) down 0.9%, NVIDIA (NVDA) lower by 1.1%, and AMD (AMD) down fractionally. Others trading lower include Microsoft (MSFT), SanDisk (SNDK), Hewlett-Packard (HPQ), and Seagate (STX).
16:48 EDTMUMicron slides over 8% after reporting Q3 results, Q4 guidance
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16:43 EDTMUMicron says near-term headwinds driven primarily by weakness in PC sector
16:40 EDTMUMicron sees NAND industry supply bit growth in the high 30s in 2015
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16:38 EDTMUMicron sees DRAM industry supply bit growth in the mid 20s% in FY15
Forecasting DRAM industry supply bit growth in the mid 20s% in calendar 2015 and in the low to mid 20s % in calendar 2016.
16:34 EDTMUMicron sees Q4 DRAM bit growth flat to up low single digit
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16:29 EDTMUMicron sees Q4 revenue $3.45B-$3.7B, consensus $4.16B
16:07 EDTMUMicron reports Q3 consolidated gross margin 31%
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16:04 EDTMUMicron Q3 cash flows from operations $1.34B
16:04 EDTMUMicron reports Q3 EPS 54c, consensus 56c
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16:00 EDTMUOptions Update; June 25, 2015
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15:13 EDTMUMicron June weekly 24 straddle priced for 6.2% movement into Q3
15:04 EDTMUNotable companies reporting after market close
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