Micron (MU) Beats Stock Market Upswing: What Investors Need to Know

Micron (MU) closed the latest trading day at $90.61, indicating a +1% change from the previous session's end. The stock's change was more than the S&P 500's daily gain of 0.52%. Elsewhere, the Dow saw an upswing of 0.12%, while the tech-heavy Nasdaq appreciated by 0.9%.

Coming into today, shares of the chipmaker had gained 4.62% in the past month. In that same time, the Computer and Technology sector gained 1.9%, while the S&P 500 gained 3.85%.

Investors will be eagerly watching for the performance of Micron in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on March 20, 2024. The company is forecasted to report an EPS of -$0.28, showcasing an 85.34% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.32 billion, up 44.1% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.43 per share and a revenue of $22.18 billion, representing changes of +90.34% and +42.76%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Micron. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Micron holds a Zacks Rank of #3 (Hold).

The Semiconductor Memory industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 98, finds itself in the top 39% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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