Wall Street Analysts All Over Micron Debacle

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Micron Technology

shares are trading lower by $4.40 at $19.62 in Friday's session. The catalsyt for the nearly 20 percent haircut is a Q3 miss for EPS ($0.54 vs. Est. $0.56) and for revenues ($3.85B vs. Est. $3.9B). On top of the poor report, what really rattled the Street was the lowered guidance for Q4 sales ($3.45B-3.70B vs. Est $4.16B. The carnage that began in the after hours market has carried over to the regular session. After a sharply lower open ($20.27 vs. Thursday's close of $24.02) it managed a brief pop to $20.60 before another wave of selling flooded the issue. So far, it has reached $19.43 and is attempting to rebound. That marks the lowest level for the issue since it bottomed on November 21, 2013 at $18.96. Goldman Sachs analyst, Mark Delaney, must have had his crystal ball on out on Monday, when he downgraded the issue from Neutral to Sell and predicted 22 percent downside. From Monday's close of $24.63 to its current price of $19.71, it is within striking distance of that call only four days later. It should be noted on Tuesday MKM Partners echoed the same sentiment when the firm warned that Micron 'still room to disappoint on sustained PC headwinds presenting S-D balance'