Real Money stock of the day Micron (MU) - Get Micron Technology, Inc. (MU) Report posted fiscal first-quarter earnings that topped analysts' estimates and said that its fiscal second-quarter "will be the cyclical bottom for our financial performance."
Micron said it expects second-quarter adjusted earnings of 29 cents to 41 cents a share on revenue of $4.5 billion to $4.8 billion. Analysts had been calling for profit of 39 cents a share on revenue of $4.75 billion.
“With our strong execution and improving industry conditions, we are optimistic that Micron’s fiscal second quarter will be the cyclical bottom for our financial performance,” said Micron President and CEO Sanjay Mehrotra.
"Now, we know that not just for Micron, but for the broader memory chip business, as well as the even broader semiconductor and semiconductor equipment industries, that the past year has been one of overcoming adversity. From the collapse in demand for block chain mining related to demand for crypto-currencies to reduced trade with China, that included the Huawei ban, to a reduced pace in the expansion in capital expenditure by many cloud-based software firms," wrote Stephen "Sarge" Guilfoyle over on Real Money..
Watch the full video above for Cramer's take on Micron and the Cloud Kings.
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