Saturday, October 13, 2012

Micron CEO: Short-Term Glut Pushing Chip Prices Lower

Posted By on Sat, Oct 13, 2012 at 3:00 PM

When Micron CEO Mark Durcan sat down Oct. 12 with a group of financial analysts, the chief topic was the slack global demand for memory chips.

"If we see any reasonable macro environment, this thing sorts itself out pretty quickly," said Durcan.

Bloomberg News reports that Micron and other dynamic random access memory suppliers "are experiencing a demand slump as a sluggish economy curbs purchases at a time of the year when the holiday shopping season usually boosts orders."

At the Oct. 12 closing bell on the NASDAQ exchange, Micron shares had declined 1.4 percent for the day to $5.67. The stock has lost 9.9 percent of its value thus far this year.

But in August, Durcan cautioned attendees of the Bose City Club, saying, "We've come a long way, but the business landscape isn't any safer."

"I think we've done a lot of things right over the years," said Durcan. "We've been clever about how we access capital and how we grow."

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