Micronreported mixed results after the close Wednesday, beating earnings estimates but missing sales estimates.
Micron reported quarterly earnings of $89 million, or 12 cents a share, reversing a year-ago loss and beating estimates by two cents. But sales of $1.31 billion were below $1.37 billion forecasts.
Margins posted a 6-point sequential gain to 25% on higher DRAM pricing, and CMOS and imaging sales were strong. For the first time, products other than PC DRAM devices comprised a majority of Micron’s sales.
But flat memory sales and the revenue miss sent Micron shares 2% lower in late trading.
Also after the close, Red Hatbeat sales estimates but missed earnings estimates, with subscription revenues up 45%. 3Comannounced a restructuring.
During the day, stocks regained some of Tuesday’s losses ahead of the Federal Reserve’s decision on interest rates due out Thursday afternoon.
The Nasdaq rose 11 to 2111, the S&P 500 gained 6 to 1246, and the Dow climbed 48 to 10,973. Volume declined to 2.1 billion shares on the NYSE, and 1.65 billion on the Nasdaq. Advancers led 19-12 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 64% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 25-224 on the NYSE, and 44-177 on the Nasdaq.
Wireless stocks got hit by a J.P. Morgan report of weakness at Nokia. Texas Instruments, RF Microand Motorolawere among those losing ground on the research note.
Stock option grant practices continued to be an issue, with Rambus, CNETand Applied Microthe latest to get hit by the issue.
Applefell 2.5% after American Technology Research reported potential iPod product delays.
Netgearfell 11% on a Needham “hold” rating.