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Micron (MU) Outpaces Stock Market Gains: What You Should Know
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Micron (MU - Free Report) closed at $70.39 in the latest trading session, marking a +0.64% move from the prior day. This change outpaced the S&P 500's 0.18% gain on the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.02%.
Coming into today, shares of the chipmaker had gained 1.1% in the past month. In that same time, the Computer and Technology sector lost 1.62%, while the S&P 500 lost 1.63%.
Investors will be hoping for strength from Micron as it approaches its next earnings release, which is expected to be September 27, 2023. In that report, analysts expect Micron to post earnings of -$1.58 per share. This would mark a year-over-year decline of 208.97%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.91 billion, down 41.2% from the year-ago period.
Any recent changes to analyst estimates for Micron should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Micron is currently a Zacks Rank #3 (Hold).
The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 111, putting it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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
Micron (MU - Free Report) closed at $70.39 in the latest trading session, marking a +0.64% move from the prior day. This change outpaced the S&P 500's 0.18% gain on the day. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 0.02%.
Coming into today, shares of the chipmaker had gained 1.1% in the past month. In that same time, the Computer and Technology sector lost 1.62%, while the S&P 500 lost 1.63%.
Investors will be hoping for strength from Micron as it approaches its next earnings release, which is expected to be September 27, 2023. In that report, analysts expect Micron to post earnings of -$1.58 per share. This would mark a year-over-year decline of 208.97%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.91 billion, down 41.2% from the year-ago period.
Any recent changes to analyst estimates for Micron should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Micron is currently a Zacks Rank #3 (Hold).
The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 111, putting it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.