Micron Technology beat estimates after the close on Wednesday and announced a $450 million investment from Intel
.
The company’s loss of 20 cents a share beat estimates by 5 cents, and revenues also topped forecasts. Perhaps more importantly, Micron is finally starting to show some growth and pricing power, with a 15% increase in megabit selling prices and an increase in megabit sales volume.
Micron’s report was welcome news after the battering stocks took during the day, when the market plunged after OPEC unexpectedly cut oil production, sending oil prices soaring.
The Nasdaq plunged 58 to 1843, the S&P 500 fell 19 to 1009, and the Dow lost 150 to 9425. Volume rose to 1.56 billion shares on the NYSE, and 2.21 billion on the Nasdaq. Decliners led 21-11 on the NYSE, and 22-9 on the Nasdaq. Downside volume was 82% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 164-8 on the NYSE, and 280-1 on the Nasdaq.
Cisco fell 4% despite boosting its share buyback plan. Emulex
also fell after initially trading higher on a buyback announcement.
Intel and AMD
fell after Intel escalated their price war.
Newport plunged 11% on a warning.
SCO Group fell 9% on HP’s
plans to indeminify Linux customers against action by SCO.
Dell , down 2%, plans to move into consumer electronics.
ESS Tech rose 3.6% after raising guidance.
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