NEW YORK (TheStreet) -- Micron Technology (MU) - Get Report stock is falling 1.36% to $10.51 in afternoon trading on Thursday after Wedbush analysts warned that the data storage maker's fiscal 2016 second quarter financial results will likely be lower than expected, Barron's reports.
The Boise, ID-based company's quarterly report, due out next Wednesday after the market close, is expected to show a steep year-over-year decline in earnings per share and revenue.
"We believe with demand trends and memory pricing weak, particularly PC DRAM that the FQ2 print will come in at the low end of the guidance ranges and below the Street... estimates," Wedbush analysts wrote in a note this morning, according to Barron's.
Wall Street is anticipating a loss of 8 cents per share on revenue of $3.05 billion for the latest quarter, compared with earnings of 81 cents per share on revenue of $4.17 billion for the fiscal 2015 second quarter.
Separately, Micron has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such as reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures, and its weaknesses, including feeble earnings per share growth, deteriorating net income and weak operating cash flow.
You can view the full analysis from the report here: MU
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