Micron Shares Move Back & Forth Following Earnings

Loading...
Loading...
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.Micron Technology, Inc.MU
shares were trading higher by $0.10 (0.8 percent) at $27.23 in Thursday's session. Despite
beating Q2 estimates
for EPS ($0.81 vs. $0.73) and sales ($4.17 billion vs. $4.15), the issue has not mounted much of a rally. The Street may be focusing on the lower guidance for Q3 sales ($3.85 billion-$4.05 billion vs. $4.29 billion estimate). Off the initial headline, Micron spiked to $28.87 before the lower guidance was announced. Subsequently, it tanked to $26.26 before stabilizing at $27.50 level as the the open of the regular session approached. Off the open, it immediately found resistance at $27.76 and began to drift lower, bottoming at $26.95 and rallying back into the lower $27.00 handle. Since making its lows of the recent down move on March 26 ($25.61), the issue has been in a series of four higher lows and the streak will continue unless Tuesday's low ($26.77) is breached.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...