by Eric Savitz, Blogger and Columnist, Baron's, Tech Trader Daily
Micron (MU) posted worse-than-expected results this afternoon for its fiscal fourth quarter ended August 28.
The memory chip company posted revenue of $1.45 billion, below the Street consensus at $1.54 billion. The company lost $344 million in the quarter, including a $205 million write-down of inventory and work in progress, offset by a gain of $70 million for price adjustments for NAND products purchased from other suppliers in prior periods.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
For the memory sector, it is a day to forget.
Last night, SanDisk (SNDK) reported extremely nasty June quarter earnings–the Street has responded with a host of downgrades. Meanwhile, this morning, Citigroup chip analyst Glen Yeung cut his ratings on Micron (MU), Qimonda (QI) and Spansion (SPSN) to Hold from Buy.
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