Micron Technology (MU) Stock Higher Today as Jim Cramer Says Management Too Downbeat
NEW YORK (TheStreet) -- Shares of Micron Technology (MU) - Get Report are surging, up 5.02% to $33.71 in afternoon trading on Thursday, reversing its losses from the previous two sessions, after TheStreet's Jim Cramer said on CNBC yesterday that Micron's future outlook underwhelmed investors.
Cramer added that management "screwed up" in the conference call by sounding too downbeat, and believes shares would have been higher. Late Tuesday, Micron stock declined following the company's release of its quarterly financial results.
Micron reported fiscal first quarter earnings of 97 cents per share, topping analysts' estimates of 92 cents per share. The company posted a 13% jump in revenue from a year ago to $4.57 billion, lower than the $4.62 billion analysts were expecting.
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Cramer said that the company had a rather confusing conference call, after the memory chip maker reported a bleak outlook for its second quarter, prompting shares to fall more than 4% in after hour trading on Tuesday.
Separately, TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."
- You can view the full analysis from the report here: MU Ratings Report
