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Micron Technologies, Inc. (NASDAQ:MU) shares are trading higher Tuesday after dipping more than 5% in Monday's session. Here's a look at what's going on.
What To Know:
The intense growth in the semiconductor sector of early-2024 has cooled as investors grow impatient for returns on the massive capital expenditures involved with AI-infrastructure build-out. Micron's stock has lost more than $70 billion in market value since June, and Morgan Stanley lowered its price target from $140 to $100 on Monday.
Micron shares fell Monday after analysts noted early demand indicators for Apple Inc.'s (NASDAQ:AAPL) iPhone 16 series which utilize Micron memory chips appear softer relative to the pre-order demand for the iPhone 15 series.
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What Else: Micron on Tuesday announced the availability of the Crucial P310 2280 Gen4 NVMe solid-state drive (SSD) which expands Micron’s P310 portfolio to address PCs, laptops and PlayStation 5. The company said a version with a heatsink will be released in the coming months, suited for use with PlayStation 5 and desktop gaming PCs.
“Micron’s Crucial P310 2280 SSD delivers blazing fast gaming-level speeds, allowing users to do it all faster — from gaming to booting Windows to running multiple creative apps at the same time — without compromising on quality,” said Jonathan Weech, senior director of product marketing for Micron’s Commercial Products Group.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Micron Technology, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Micron Technology, the 200-day moving average sits at $104.81, according to Benzinga Pro, which is above the current price of $89.24. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
MU Price Action: According to Benzinga Pro, Micron Technologies shares are up 2.09% at $89.01 at the time of publication Tuesday.
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