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RealTime IT News

Micron Misses

Micron Technology capped a rough day on Wall Street Thursday by missing estimates after the close.

The company lost 20 cents a share in the quarter, below analysts' estimates of a two-cent profit, and revenues of $1.05 billion came in below $1.18 billion forecasts.

Micron reported strong growth in CMOS image sensors and specialty DRAM products, but the company's results were affected by severe declines in average selling prices for commodity DRAM products during the quarter.

Average selling prices for memory products fell 30% sequentially from the previous quarter, "as excess supply depressed pricing particularly for mainstream PC memory," Micron said in a statement. DDR and DDR2 DRAM accounted for 60% of the company's net sales in the quarter.

Shares of Micron fell 3% after hours.

Stocks plunged Thursday after oil touched $60 a barrel and FedEx missed estimates. Fears of a trade war with China also weighed on the market.

The Nasdaq lost 21 to 2070, the S&P fell 13 to 1200, and the Dow plunged 166 to 10,421. Volume rose to 2.01 billion shares on the NYSE, and 2.06 billion on the Nasdaq. Decliners led 21-10 on the NYSE, and 21-9 on the Nasdaq. Downside volume was 70% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 277-42 on the NYSE, and 140-56 on the Nasdaq.

MicroStrategy climbed 2.5% on a U.S. Transportation Security Administration contract.

DiamondCluster plunged 29% on a warning, and ATI lost 8% on its results.