MICRON EPS BEATS ESTIMATES STOCK SINKS ON GUIDANCE
Micron Technology’s stock is currently trading at 44.96-lower by 7.50% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 5.35%. The stock has continued falling after the opening bell.
The memory and storage company on Thursday reported earnings for the fiscal fourth quarter that beat the market expectation.
Micron Technology generated an EPS (excluding items) of 56 cents for its latest quarter. The EPS was above the market expectation of 49 cents. The company brought in $4.87 billion in revenue for the fourth quarter of its 2019 fiscal year. Revenue was above the consensus estimates of $4.57 billion. Micron stated that its revenue fell 42.3% year-over-year in the quarter ended 29th August.
The company expects EPS in the range of 35 cents to 49 cents, excluding certain items, in the first quarter. It was below the market expectation of 48 cents. The memory and storage company forecast first-quarter profit below consensus estimates, saying it was mindful of economic and trade uncertainty.
On the technical front, the RSI is currently at 39.42% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 45.25 TAKE PROFIT AT 44.35 STOP LOSS AT 45.70