MICRON TECHNOLOGY PROFIT BEATS ESTIMATES, STOCK SPIKES
Micron Technology’s stock is currently trading at 36.64-higher by 12.12% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 9.58%. The stock has continued gaining after the opening bell.
The memory and storage company on Tuesday reported earnings for the fiscal third quarter that beat the market expectation.
Micron Technology generated an EPS (excluding certain items) of $1.05 for its latest quarter. The EPS was above the market expectation of 79 cents. The company brought in $4.79 billion in revenue for the third quarter of its 2019 fiscal year. Revenue was above the consensus estimates of $4.69 billion. Micron stated that its revenue fell about 39% year-over-year in the quarter ended 30th May.
The company expects EPS of 45 cents, plus or minus 7 cents, excluding certain items, in the fourth quarter of the 2019 fiscal year. The markets were expecting EPS of 61 cents, excluding certain items, in the fourth quarter. The memory and storage company also expected demand for its chips to rebound later in 2019.
On the technical front, the RSI is currently at 56.62% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 36.30 TAKE PROFIT AT 37.00 STOP LOSS AT 36.00