Memory-chip maker Micron Technology (MU) late Tuesday missed Wall Street’s low expectations for its fiscal second quarter as it struggles through a cyclical industry downturn in demand. However, MU stock rose in extended trading.
The Boise, Idaho-based company lost an adjusted $1.91 cents a share on sales of $3.69 billion in the quarter ended March 2. Analysts polled by FactSet had expected Micron to lose 67 cents a share on sales of $3.71 billion. In the year-earlier period, Micron earned $2.14 a share on sales of $7.79 billion.
In after-hours trading on the stock market today, MU stock rose 1.2% to 59.97. During the regular session Tuesday, MU stock slid 0.9% to close at 59.28.
Earnings report details to follow.
MU Stock Has Subpar Composite Rating
MU stock ranks third out of 10 stocks in IBD’s Computer-Data Storage industry group, according to IBD Stock Checkup. But it has a subpar IBD Composite Rating of 45 out of 99.
IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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