Short Sellers Stand Pat On Micron Technology
- Positive guidance failed to inspire investors Tuesday.
- Short sellers also stood pat in the most recent period.
- The shares have pulled back from a recent high.
Investors did not seem to get too excited Tuesday about the revised and positive guidance from Micron Technology, Inc. (NASDAQ: MU), even though the company cited healthy demand and positive momentum. Shares were down marginally in afternoon trading. Standing pat is the stance of short sellers as well, judging by the lack of change between the October 31 and November 15 settlement dates.
The Boise, Idaho-based memory technologies company saw the number of its shares short slip less than 1 percent to more than 58.36 million in the first two weeks of the month. That was 5.6 percent of the total float, as well as the lowest level of short interest since last March. At the most recently average daily volume, it would take more than two days to cover all short positions.
Weak guidance offset solid results in the most recent earnings report. The stock retreated after that report, but the share price ended the latest two-week short interest period more than 5 percent higher, while the S&P 500 was up less than 2 percent. The stock high a new 52-week high last week but has pulled back since. Analysts on average still recommend buying shares.
Image Credit: By MiNe (https://www.flickr.com/photos/sfmine79/14970035967) [CC BY 2.0], via Wikimedia Commons
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.