Saturday, June 25, 2011

Micron Stock Plummets

Posted By on Sat, Jun 25, 2011 at 12:45 PM

Micron stock plunged Friday, less than a day after analysts said its third-quarter sales didn't meet expectations. Net income was $75 million, or 7 cents a share, compared with $93 million, or 92 cents, a year earlier.

"There's no way to sugar coat this," Alex Gauna, a San Francisco-based analyst at JMP Securities told the Wall Street Journal. "There's clearly been an unanticipated further slowing in the market."

Micron has reported an annual profit in only four of the past 10 years. At the end of trading yesterday, Micron stock fell $1.22 cents, or 14 percent, to $7.21 per share.

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

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