Analysts Stand By Micron While Investors, Company Officials Bow Out
Shares of Micron Technology, Inc. (NASDAQ:MU) fell by 6.6 percent on Friday to $5.72 cents, indicating investors have a different view of the company's recent earnings report than analysts. Company officials, too, seem to be uncertain of the numbers, as many continue to sell shares by the thousands.
According to The Wall Street Journal, the results came in much lower than Wall Street estimates, at 32 cents lower per share, compared with the 20 cents lower many had expected. However, several analysts are remaining positive.
"We believe that Micron is executing well in a consolidating memory industry," Roth Capital analyst Krishna Shankar wrote, adding that she expects demand to rise in the second half of 2012.
Investors seem to have a different view of the earnings report, indicated by the fall in share prices, which also affected the company's major rivals, including ScanDisk and LSI. Company officials also appear to be losing confidence. According to recent insider trading reports, executives have sold $764,890 in shares, valued at $6.09 each, in the last three months.
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