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Reminiscence-Chip Maker Micron Beats Fiscal This autumn Targets However Inventory Drops


Reminiscence-chip maker Micron Expertise (MU) late Tuesday beat Wall Road’s targets for its fiscal fourth quarter. However MU inventory fell in prolonged buying and selling.




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The Boise, Idaho-based firm earned an adjusted $2.42 a share on gross sales of $8.27 billion within the quarter ended Sept. 2. Analysts anticipated Micron earnings of $2.33 a share on gross sales of $8.23 billion, in line with FactSet. Within the year-earlier interval, Micron earned $1.08 a share on gross sales of $6.06 billion.

In after-hours buying and selling on the stock market today, MU inventory dropped 4%, close to 70.15. In the course of the common session Tuesday, MU inventory slid 2.8% to 73.10.

MU inventory has been beneath stress since early August when market analysis agency TrendF orce forecast weakening costs for PC reminiscence chips within the fourth quarter. It cited excessive inventories of dynamic random-access reminiscence, or DRAM, chips within the provide chain.

Earnings report particulars to comply with.

Comply with Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on shopper expertise, software program and semiconductor shares.

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