Micron beats expectations
Stock of Micron Technology (Nasdaq: MU) closed down $0.56 or 4.6% to $11.51, after reporting quarterly earnings loss that was steeper than expected. The chipmaker also said that prices for memory chips have stabilized recently and that demand should pick up this year. The company took a $52 million loss in its second quarter and was cut to sell by Goldman Sachs. For the first quarter of fiscal 2007, the company reported a profit of $192 million, up from $63 million earned in the same period last year. This topped analysts' consensus estimate. Quarterly sales rose 16% to $1.58 billion, helped by demand for DRAM memory chips used in PCs being built ahead of Microsoft Corp.'s release of Vista.
