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Memory-Chip Maker Micron Beats Fiscal Q4 Targets But Stock Drops

Memory-chip maker Micron Technology (MU) late Tuesday beat Wall Street’s targets for its fiscal fourth quarter. But MU stock fell in extended trading.




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The Boise, Idaho-based company earned an adjusted $2.42 a share on sales of $8.27 billion in the quarter ended Sept. 2. Analysts expected Micron earnings of $2.33 a share on sales of $8.23 billion, according to FactSet. In the year-earlier period, Micron earned $1.08 a share on sales of $6.06 billion.

In after-hours trading on the stock market today, MU stock dropped 4%, near 70.15. During the regular session Tuesday, MU stock slid 2.8% to 73.10.

MU stock has been under pressure since early August when market research firm TrendForce forecast weakening prices for PC memory chips in the fourth quarter. It cited high inventories of dynamic random-access memory, or DRAM, chips in the supply chain.

Earnings report details to follow.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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