Micron Slumps on Weak Forecast, Putting Stock Run on Pause
- Third-quarter evenue projection misses some analyst estimates
- New markets for memory will keep driving demand, CEO says
Photographer: Tomohiro Ohsumi/Bloomberg
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Micron Technology Inc. fell as much as 8 percent in early trading Friday after giving a disappointing forecast for third-quarter sales, pausing a stock surge this year fueled by fast revenue growth.
Analysts at Citigroup cut their rating on the stock to neutral, raising the number of non-buy ratings to three. The stock fell to as low as $54.18 in early trading in New York Friday before paring the loss. It was down 2.8 percent at 8:10 a.m. Micron shares have gained more than 40 percent this year and had been trading near a 17-year high before the results were released after the close of regular Thursday.