Micron (MU.US) stock surged more than 6% after the company posted upbeat quarterly figures. The chip maker forecast earned 98 cents per share, while analysts expected earnings of 95 cents per share. Revenue of $6.24 billion came in slightly above market estimates. Company also issued upbeat fiscal third-quarter revenue forecast due to high demand for memory chips. “Micron’s strong fiscal second quarter performance reflects rapidly improving market conditions and continued solid execution,” said Micron Technology President and CEO Sanjay Mehrotra. “Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by AI and 5G, and to deliver new levels of user experience and innovation across the data center and intelligent edge.” Separately, The Wall Street Journal reported Micron is weighing a bid to buy Japanese chip maker Kioxia for approximately $30 billion.
Micron (MU.US) stock has been trading in a sideways move recently. Today's session launched with a bullish price gap, however buyers failed to reach the upper limit of the range at $95.83 and price pulled back. The nearest support lies at $89.20 and is strengthened by 50 SMA ( green line). Source: xStation5
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