In the latest trading session, Micron (MU) closed at $68.17, marking a +0.89% move from the previous day. This move outpaced the S&P 500’s daily loss of 0.15%. At the same time, the Dow lost 0.33%, and the tech-heavy Nasdaq lost 3.33%.
Heading into today, shares of the chipmaker had gained 9.94% over the past month, outpacing the Computer and Technology sector’s gain of 6.56% and the S&P 500’s gain of 1.21% in that time.
Wall Street will be looking for positivity from Micron as it approaches its next earnings report date. The company is expected to report EPS of -$1.57, down 160.62% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.69 billion, down 57.26% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$4.71 per share and revenue of $15.45 billion. These totals would mark changes of -156.41% and -49.78%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Micron. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Micron is currently sporting a Zacks Rank of #3 (Hold).
The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 123, which puts it in the top 49% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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