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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 08:18 EDT
Nomura analyst Romit Shah says that DRAM spot prices "flattened" over the last month and fell almost 2% last week. The analyst believes that investors are too focused on DRAM pricing trends' impact on Micron ,and he says that the performance of the stock has tended to correlate with its operating margin. The analyst thinks that the company's operating margin during its May quarter will reach 26%, which, based on historical norms, should result in a share price of $32, versus the stock's current level of $25.80. Shah keeps a Buy rating on the shares.
News For MU From the Last 2 Days
Mar 24, 2017 | 06:05 EDT
JPMorgan analyst Harlan Sur raised his price target for Micron Technology to $38 citing the company's "strong" results and guidance. The analyst highlights a favorable environment and Micron's operational execution. He keeps an Overweight rating on the shares.
Mar 23, 2017 | 17:45 EDT
Shares of storage technology firms Western Digital (WDC) and Seagate Technology (STX) are trading higher after memory maker Micron (MU) reported earnings that easily beat consensus views for EPS and revenue after the close of trading. In a slides presentation accompanying its quarterly earning report, Micron said revenue in its Storage Business unit were up 21% quarter-over-quarter, adding that revenue in the unit was driven by client and cloud SSD shipments. PRICE ACTION: Shares of Western Digital are up over 3% to $78.55 per share, while shares of Seagate Technology are up 1.3% to $45.72 per share. Micron shares are off their earlier after-hours highs, but still up over 9% in after-hours trading.
Mar 23, 2017 | 17:39 EDT
UP AFTER EARNINGS: Micron (MU), up 9.4%... KB Home (KBH), up 0.7%. ALSO HIGHER: Inventure Foods (SNAK), up 10.4% after it announced the sale of Fresh Frozen Foods to The Pictsweet Company... Sophiris Bio (SPHS), up 7% after it said it will present "successful" topsalysin Phase 2 data at the Annual European Association of Urology... Quotient (QTNT), up 6.9% after it said that the FDA licensed eight reagent products for sale... Ignyta (RXDX), up 3.4% after it said it is exploring strategic options for taladegib. DOWN AFTER EARNINGS: GameStop (GME), down 11.7%... Sportsman's Warehouse (SPWH), down 9%... Oxford Industries (OXM), down 8.7%. ALSO LOWER: Mylan (MYL), down 3.7% after Bloomberg reported that it is making an offering of about 44M shares at $39.50-$40.25 each... tronc (TRNC), down 1.2% after Oaktree liquidated its stake in the company.
Mar 23, 2017 | 16:45 EDT
Says revenue up 5% in the unit quarter over quarter driven by a stronger pricing environment.
Mar 23, 2017 | 16:07 EDT
Micron Technology said the increase in the company's revenues of 17% for the second quarter of fiscal 2017 compared to the first quarter of fiscal 2017 was due primarily to a 21% increase in DRAM average selling prices and an 18% increase in trade NAND sales volumes. The company's overall consolidated GAAP gross margin of 36.7% for the second quarter of fiscal 2017 was 11.2 percentage points higher compared to the first quarter of fiscal 2017 primarily due to increases in DRAM average selling prices and manufacturing cost reductions for both NAND and DRAM.
Mar 23, 2017 | 14:50 EDT
Pre-earnings options volume in Micron is 1.7x normal with calls leading puts 2:1. Implied volatility suggests the market is anticipating a move near 9.1%, or $2.39, after results are released. Median move over the past eight quarters is 5.0%.
Mar 23, 2017 | 14:29 EDT
Notable companies reporting after the market close, with earnings consensus, include Micron Technology (MU), consensus 85c... GameStop (GME), consensus $2.29... KB Home (KBH), consensus 13c.
Mar 23, 2017 | 13:16 EDT
Micron (MU) is scheduled to report results of its fiscal second quarter after the market close on March 23, with a conference call scheduled for 4:30 pm ET. What to watch for: 1. EPS, REVENUE CONSENSUS UP SINCE MS CONFERENCE: On March 2, Micron said at the Morgan Stanley Technology Conference that it had raised its second quarter earnings per share guidance to 86c "plus or minus a few cents" from its previous view of 58c-68c and changed its revenue guidance for the quarter to $4.65B plus or minus $50M from its previous view of $4.35B-$4.7B. Analysts at the time expected the company to report Q2 EPS of 66c on revenue of $4.55B, but those figures have since risen to 85c and $4.64B, respectively. 2. CEO DURCAN TO RETIRE: Early last month, Micron announced the upcoming retirement of chief executive officer Mark Durcan. At the time, the company said that the board of directors formed a special committee to oversee a succession process and has initiated a search for viable candidates. The board had not established a timeframe for such a process and plans to conduct a deliberate review of candidates, the company said. Durcan will continue to lead Micron as CEO during the vetting process. 3. GARTNER PC SHIPMENTS: Global PC shipments amounted to 72.6M units in the fourth quarter of 2016, a 3.7% slip from the fourth quarter of the previous year, Gartner said in a preliminary results report in mid-January. For the year, 2016 PC shipments totaled 269.7M units, a 6.2% slide from the prior year. Micron is among publicly traded companies in PCs and PC components, along with Lenovo (LNVGY), HP Inc. (HPQ), Apple (AAPL), Intel (INTC), AMD (AMD), Seagate (STX), Western Digital (WDC), and NVIDIA (NVDA). 4. TOSHIBA CHIP UNIT: In early February, Nikkei Asian Review reported that Micron had submitted a bid to acquire a stake in Toshiba's (TOSBF) memory chip business. SK Hynix and Western Digital also submitted offers, the report said at the time. A week later, Bloomberg reported that Toshiba was considering delaying the potential stake sale and could start discussions with new bidders in addition to those already engaged in talks, the report said at the time.
Mar 23, 2017 | 08:56 EDT
Wednesday's total option volume of 18.5 million contracts resulted in net open interest growth of 3.96 million calls and 3.22 million puts. Bank of America (BAC), Micron (MU), (SNAP) and Citi (C) saw the greatest growth. Top five new positions opened include 59k Bank of America (BAC) Jun-17 24 calls, 22k Intel (INTC) Jan-18 40 calls, 15k Praxair (PX) Jun-17 125 calls, 15k Praxair (PX) Jun-17 140 calls and 15k Bank of America (BAC) Jul-17 25 calls.
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