Here's an important line in the sand to watch. Earlier this week, Micron (MU) , one of the best-performing stocks in the market and up 90% so far in 2017, announced a $1 billion stock offering. The proceeds will be used to pay down high-interest debt.
On Thursday, the company priced $1.2 billion worth of stock at $41 a share, which now becomes a very important level for the stock. So far, Micron stock is down about 25 basis points to $41.50.
"If this deal can hold at these prices, then you're going to see a very big move once again in a series of stocks," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.
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This was a "huge slug of stock," Cramer added, pointing out that $1.2 billion worth of stock was priced instead of $1 billion because so many investors wanted in on the deal. That should come to little surprise for readers, as on Wednesday Cramer said he expects investors to be "clamoring" for the stock offering.
Cramer, who manages the Action Alerts PLUS charitable trust portfolio, also referenced Barclays' analyst Blayne Curtis, who increased his price target to $60 from $40 on Thursday. The stock trades with a sub-5 P/E ratio, Cramer noted, which is lower than Ford (F) and General Motors (GM) .
"I like what's going on at Micron," he added, but investors should keep the stock on their screen Thursday to see how it may impact other industries in the tech sector, Cramer concluded.
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