MICRON Q3 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
Micron Technology’s stock is currently trading at 51.92-higher by 5.66% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 6.22%. The stock has pared some of its gains after the opening bell.
The semiconductor company reported its fiscal third-quarter earnings after the market close on Monday. Micron Technology generated EPS excluding items of 82 cents for the quarter ended on 28th May. The EPS was above the consensus estimates of 77 cents. The company brought in $5.44 billion in revenue for the third quarter, above the market expectation of $5.31 billion. The semiconductor company predicted fourth-quarter revenue above the market expectation as stay-at-home workers and students spur demand for its computer and data center chips.
Micron forecasts current-quarter revenue to be between $5.75 billion and $6.25 billion. The mid-point of which was above the median forecast of $5.48 billion. The semiconductor company sees consumer demand for smartphones and other consumers electronics to drop below its initial expectations in the second half of this year. Stocks of Micron Technology have fallen about 3% year-to-date.
On the technical front, the RSI is currently at 58.16% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 26% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 51.85 TAKE PROFIT AT 52.65 STOP LOSS AT 51.45