Morgan Stanley analyst Joseph Moore said he was surprised at the magnitude of the upside Micron (MU) reported in the August quarter, but the fact that it guided revenues to be down in the strongest seasonal quarter validates some of his recent concerns. While demand factors such as Intel (INTC) microprocessor shortages and a few limited inventory adjustments that the company cited seem "narrow and temporary," the industry "almost certainly will" build inventory in the strongest seasonal quarter, which will have the effect of adding to supply for the seasonally weaker period in early 2019, contends Moore. While there remains debate about what cyclical concerns are already priced into the stock, "this is how memory downturns begin," concludes the analyst in in his note to investors. Moore keeps an Equal Weight rating on Micron shares and lowered his price target to $48 from $65.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSSnap (SNAP) up... To see the rest of the story go to thefly.com. See Story Here

Pre-earnings options volume in Intel is normal with calls leading puts 2:1. Implied volatility suggests the market is anticipating a move near 5.6%, or $1.96, after results are released. Median move over the past eight quarters is 7.8%.

Intel (INTC) is scheduled to report results of its fiscal first quarter after the market close on April 25, with a conference call scheduled for 5:00 pm ET. What to watch... To see the rest of the story go to thefly.com. See Story Here