Micron Misses Again – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/16539/Micron+Misses+Again+-+Zacks+Tale+of+the+TapePosted on Wednesday, December 24th, 2008 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
Shares of Micron Technology Inc. (MU) plummeted 6% today before rebounding.
The semiconductor device manufacturer declared Tuesday a wider first-quarter loss in the face of the falling average prices for memory-chip products. DRAM and NAND Flash prices fell 34% and 24%, respectively, during the quarter.
The Boise-based company suffered an adjusted loss for the quarter of 72 cents a share, far worse than the 43-cent loss brokerage analysts had projected. (It was the third time MU has missed expectations in 4 quarters.) Revenue dropped to $1.4 billion from $1.54 billion, a year ago.
MU is a Zacks #3 Rank (”Hold”) company.
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