Micron Technology (NASDAQ:MU)
Micron Technology, a global semiconductor systems company yesterday reported their fiscal third quarter 2016 financial results. Micron reported second quarter earnings of a loss of $0.21 per share. Micron reported second quarter revenues of $2.9 billion which fell short of analyst expectations of $2.95 billion. Micron also announced that it plans to cut jobs and start laying people off.
Micron Technology, Inc. CEO’s Comments
Although we have made good progress in deploying our advanced DRAM and NAND technologies, we continue to face challenging market conditions,” said Micron CEO Mark Durcan. “To address the current market environment and strengthen our competitive position, we are implementing a number of initiatives to reduce costs, drive greater efficiencies, and increase focus on our strategic priorities. Globe Newswire
MU Technical Analysis
MU opened trading yesterday at $13.34 which was up from the previous days trading of $13.19. MU closed trading yesterday at $13.76 and crashed down after market to $12.56, equivalent to a 9% decrease from the closing price. Taking a look at the daily chart we can see the last time MU traded below these levels was on June 27th when it traded at $12.23. Taking a closer look at the daily chart we can see that MU has been on an overall upward trend dating back to May 17th when it traded at $9.67. MU has a float of 1.03 billion shares and traded 1.42 times the normal daily trading volume on Thursday. For trading purposes, I would like to see MU open trading on Friday below $13.00 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
Company Profile
Micron Technology, Inc. provides semiconductor systems worldwide. It operates in four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. The company offers DDR4 and DDR3 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for mobile phones, tablets, embedded, computers, and other mobile consumer device applications; DDR2 DRAM, DDR DRAM, GDDR5 DRAM, SDRAM, reduced latency DRAM, and pseudo-static DRAM products for use in networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and HMC semiconductor memory devices for use in networking and computing applications.
It also provides NAND Flash products, which are electrically re-writeable, non-volatile semiconductor memory devices; client solid-state drives (SSDs) for notebooks, desktops, workstations, and other consumer applications; enterprise SSDs for server and storage applications; managed multi-chip package products; digital media products, including flash memory cards and JumpDrive products under the Lexar brand name. In addition, the company manufactures products that are sold under other brand names; and resells flash memory products that are purchased from other NAND Flash suppliers. Further, it provides NOR Flash memory products, which are electrically re-writeable, semiconductor memory devices for wireless and embedded applications. The company markets its products to original equipment manufacturers and retailers through its internal sales force, independent sales representatives, and distributors; and through a Web-based customer direct sales channel, and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho. YahooFinance