Micron's current-quarter revenue guidance fell in line with estimates
The shares of
Micron Technology Inc (NASDAQ:MU) are 5.6% lower to trade at $134.41 this morning, after the
semiconductor maker's fourth-quarter quarter revenue guidance of $7.6 billion was only in line with Wall Street's expectations. Failing to hit the lofty forecast is overshadowing third-quarter earnings and revenue that beat analysts' estimates.
Micron stock has now shed 14% off its June 18, all-time high of $157.54. The shares are on track to breach their 20-day moving average for the first time since late May, but remain up more than 101% year-over-year.
Options traders are piling on the stock following the results, with 146,000 calls and 69,000 puts exchanged so far -- 11 times the average intraday volume. Most popular by far is the weekly 6/28 145-strike call, followed by the 140-strike call from the same series.
Despite the negative price action, no fewer than five analysts hiked their price targets on MU in response. JPMorgan Securities chimed in with the highest hike, adjusting from $130 up to $180 -- a nearly 34% premium to the equity's current perch.