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Micron Misses Again

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December 24, 2008 |Comments: 0
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MU

Shares of Micron Technology Inc. (MU) plummeted 6% today before rebounding.

The semiconductor device manufacturer declared Tuesday a wider first-quarter loss in the face of the falling average prices for memory-chip products. DRAM and NAND Flash prices fell 34% and 24%, respectively, during the quarter.

The Boise-based company suffered an adjusted loss for the quarter of 72 cents a share, far worse than the 43-cent loss brokerage analysts had projected. (It was the third time MU has missed expectations in 4 quarters.) Revenue dropped to $1.4 billion from $1.54 billion, a year ago.

MU is a Zacks #3 Rank ("Hold") company.

Read the full analyst report on MU

 
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