Thursday, December 22, 2011

Micron Stock Rebounding

Posted By on Thu, Dec 22, 2011 at 9:57 AM

Following a disappointing Wednesday, Micron shares skyrocketed this morning on the NASDAQ exchange, jumping 15 percent in the opening hours.

Micron on Wednesday posted lower-than-expected quarterly results, saying the demand for basic memory chips had dropped 10 to 15 percent. The report revealed a second-straight quarterly loss ($187 million).

But this morning, investors are looking past the results, focusing on a 2012 rebound for the Boise-based company. Stock in Micron soared as much as 17 percent in early trading, and was up to $6.50 per share by mid morning.

The stock is still down nearly 50 percent from its April highs of more than $11 a share.

This morning's good news for Micron shadowed other successes in tech-based stocks. Tibco, Yahoo! and Akami are also seeing gains on Wall Street this morning.

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