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Micron's Earnings Beat; Revenue Misses
Micron Technology Inc. (MU - Snapshot Report) reported a fiscal third-quarter loss of 36 cents per share yesterday evening, topping the average forecast of a loss at 42 cents per share by more than 14%.
However, sales fell 26% to $1.1 billion, which was worse than Wall Street expectations as demand for its products remained sluggish amid the global economic downturn.
Analysts, on average, expect the company to post a loss of $2.15 per share for the fiscal year ending August 2009, which has narrowed by 2 cents over the past week as 1 of 6 analysts raised expectations.
MU, a Zacks #3 Rank ("Hold") stock, has slipped nearly 4% Friday on volume of approximately 18 million shares, against the average daily volume of about 20.3 million.
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| Market Summary | Nov 26, 2009 13:01 pm ET |
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