Micron Slides on Concern That Recovery From Glut Will Be Slow
- Probe in China remains ‘significant headwind,’ company says
- Shares erase gains as investors fret about pace of comeback
Micron Technology headquarters in Biose, Idaho.
Photographer: Jeremy Erickson/BloombergThis article is for subscribers only.
Micron Technology Inc., the largest US memory-chip maker, slid Thursday on concern that it faces a slow recovery from an inventory glut that has ravaged its finances.
When the company reported quarterly results Wednesday, it signaled that the personal computer market remains challenging — and a probe in China is threatening a large portion of sales. After gaining in early trading, the shares declined as much as 5.2% to $63.55.