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Micron (MU) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Micron (MU - Free Report) closed at $56.83, marking a +0.09% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.07%. Meanwhile, the Dow gained 0.12%, and the Nasdaq, a tech-heavy index, lost 1.47%.
Coming into today, shares of the chipmaker had lost 9.02% in the past month. In that same time, the Computer and Technology sector lost 3.15%, while the S&P 500 lost 2%.
Micron will be looking to display strength as it nears its next earnings release, which is expected to be March 28, 2023. On that day, Micron is projected to report earnings of -$0.64 per share, which would represent a year-over-year decline of 129.91%. Meanwhile, our latest consensus estimate is calling for revenue of $3.79 billion, down 51.33% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$2.22 per share and revenue of $16.27 billion, which would represent changes of -126.59% and -47.09%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Micron. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.68% lower. Micron is holding a Zacks Rank of #3 (Hold) right now.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 110, which puts it in the top 44% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Micron (MU) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Micron (MU - Free Report) closed at $56.83, marking a +0.09% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.07%. Meanwhile, the Dow gained 0.12%, and the Nasdaq, a tech-heavy index, lost 1.47%.
Coming into today, shares of the chipmaker had lost 9.02% in the past month. In that same time, the Computer and Technology sector lost 3.15%, while the S&P 500 lost 2%.
Micron will be looking to display strength as it nears its next earnings release, which is expected to be March 28, 2023. On that day, Micron is projected to report earnings of -$0.64 per share, which would represent a year-over-year decline of 129.91%. Meanwhile, our latest consensus estimate is calling for revenue of $3.79 billion, down 51.33% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$2.22 per share and revenue of $16.27 billion, which would represent changes of -126.59% and -47.09%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Micron. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.68% lower. Micron is holding a Zacks Rank of #3 (Hold) right now.
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 110, which puts it in the top 44% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.