Micron (MU) Stock Surges Back to $1,000 - Can Earnings Push It Higher?
TLDR
- Micron closed up 6.1% at $1,016.59 on Friday, crossing back above $1,000 for the first time since August 17.
- Asian memory chip rivals SK Hynix and Samsung rose 8.3% and 5.7% respectively in South Korean trading Monday.
- Micron reports fiscal Q4 earnings on September 30, with revenue projected to surge to $50.41 billion from $11.32 billion a year ago.
- Adjusted EPS is expected to jump to $30.89 from $2.84 in the same period last year.
- Management has said the memory chip supply shortage is unlikely to ease until after 2027, keeping Micron in a strong pricing position.
Micron Technology (MU) closed at $1,016.59 on Friday, up 6.1% on the day and back above the $1,000 mark for the first time since August 17. The move puts the stock in focus ahead of its fiscal fourth-quarter earnings report on September 30.
U.S. markets were closed Monday for Labor Day, but the mood in Asia was positive. Memory chip rivals SK Hynix and Samsung Electronics gained 8.3% and 5.7% respectively in South Korean trading, a sign the sector is gaining momentum heading into the week.
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