Micron improves outlook for May quarter
Stocks rallied nearly 8% on the news
Stocks impacted: Micron Technology Inc (MU)
The memory chipmaker raised its earnings estimates for the fiscal third quarter ending today. Forecast for the third quarter was raised to a range of $5.2 billion to $5.4 billion from $4.6 billion to $5.2 billion. The company's raised guidance was well ahead of its previously forecast range of $4.6 billion to $5.2 billion. As a reminder, last month, Goldman Sachs downgraded Micron’s stock to neutral from buy and lowered its price target on Micron to $49 a share from its previous view of $60. After the updated forecast was revealed, Micron stocks jumped and finished the day almost 8% higher. Moreover, the announcement from the firm boosted other chipmakers' shares overnight.
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