Micron stock climbs 5% as anticipation for memory chipmaker's results grows
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Micron Technology (NASDAQ:MU) shares closed at their highest point in more than a month, Thursday, as the memory chipmaker saw higher-than-usual trading volume ahead of its upcoming fiscal second-quarter results.
Micron (MU) rose 5.5%, to end the day at $61.34 a share. It was Micron's (MU) best finish since its shares closed at $60.05 on February 16. Volume was high, as more than 23M Micron (MU) shares traded hands compared to the stock's daily average of 13.8M shares exchanged.
Wall Street analysts currently expect Micron (MU) to report a second-quarter loss of 80 cents a share, excluding one-time items, on revenue of $3.72B when it delivers its next business update on March 28.
On Wednesday, Citi analyst Christopher Danely reiterated his buy rating on Micron's (MU) stock, but cut his 2023 fiscal year estimates on the company to a loss of $3.02 a share, on revenue of $14.9B, from a prior forecast for a loss of $2.22 a share, on $16.2B in sales. Danely said his downward revision was based in part on what he believes will be a big inventory writedown by Boise, Idaho-based Micron.