Micron (SYM: MU) is exploding, as hoped.
On September 9, we noted, “Keep an eye on oversold shares of Micron Technology (SYM: MU). After dropping from about $110 to a low of $89.39, it’s now attempting to pivot from double bottom support. It’s also attempting to pivot from over-extensions on RSI, MACD and Williams’ %R and could potentially retest $110 in the near term.”
At the time, MU traded at $87. Today, it’s up to $109.88 after posting solid earnings and guidance. For its fourth quarter, the company’s EPS of $1.18 beat by seven cents. Revenue of $7.75 billion, up 93.3% year over year, beat by $100 million.
“Looking ahead, Micron expects revenue for the first-quarter to be between $8.5B and $8.9B, with the midpoint of $8.7B above the $8.32B estimate. The company also said it expects to earn between $1.66 and $1.82 per share on an adjusted basis, with the midpoint of $1.74 above the $1.52 consensus estimate,” as noted by Seeking Alpha.
Additional Opportunities: Billionaires are investing $634 billion into this technology
