Friday, September 30, 2011

Update: Micron Stock Drops After Fourth Quarter Loss

Posted By on Fri, Sep 30, 2011 at 4:13 PM

UPDATE: Sept. 39, 4:00 p.m.
Micron shares dropped 14 percent at the close of business today, losing more than $.80 a share. Micron will open Monday, trading at just over $5. Micron stock traded over $11 in May.

ORIGINAL POST: Sept. 30 10:00 a.m.
Shares of Micron Technology opened down today on the New York Stock Exchange, in the shadow of yesterday's announcement that the Boise Company had a net loss of $135 million in its fourth quarter.

Micron said that a significant decline in D-RAM prices sliced away at its profits. Overall the memory-chip giant announced a year-end net income of $167 million or 17 cents for its 2011 fiscal year.

Micron officials are anxiously awaiting a verdict in the Rambus antitrust case. The trial wrapped in San Francisco on Sept. 21. The jury is still deliberating.

Micron and another microchip heavyweight, Hynix Semiconductor, are accused of conspiring to squelch Rambus' chip technology to keep it from being an industry standard.

Micron employs approximately 5,000 workers in the Treasure Valley.

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