This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Micron, Oracle: After-Hours Trading

NEW YORK (TheStreet) -- Shares of Micron Technology (MU) were pummeled in extended trades on Thursday after the chip maker's revenue fell well short of Wall Street expectations for its fiscal third quarter.

The Boise, Idaho-based company said it earned $75 million, or 7 cents a share, in the three months ended June 2 on revenue of $2.14 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 16 cents a share on revenue of $2.36 billion.



The stock was last quoted at $7.38, down 12.5%, on volume of 3.7 million, according to Nasdaq.com. Based on a regular session close at $8.43, the shares were up 1.8% so far in 2011.

Micron said its consolidated gross margin improved on a sequential basis to 22% in the latest quarter from 19% in the second quarter because of lower manufacturing costs. But sales of DRAM [dynamic random access memory] products were down 7% on a sequential basis because of declining volume, while sales of NAND Flash products fell 5% on a sequential basis because of weaker average selling prices.

Wall Street was bullish on Micron ahead of the report with 18 of the 26 analysts covering the stock at either strong buy (10) or buy (8), and the 12-month median price target sitting at $14.

Oracle

Shares of Oracle (ORCL) slumped in late trades after the database giant topped the average analysts' view for its fiscal fourth quarter but posted soft hardware sales.

The stock was down 4% to $31.20 on volume of nearly 9 million in extended action. Year-to-date, the shares were up 4% based on Thursday's regular session close at $32.46.

Despite the middling appreciation so far in 2011, Oracle still has plenty of fans on Wall Street with 34 of the 41 analysts covering the stock at strong buy (15) or buy (19), and the 12-month median price target at $38.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs