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Technology stocks were sharply higher Thursday, with shares of tech companies in the S&P 500 racing to a 2.1% advance.
In company news, Micron Technology ( MU ) tumbled Thursday after the chipmaker missed analyst estimates with its fiscal Q2 revenue and forecast below-consensus earnings for the current quarter, prompting at least two analyst downgrades today.
Excluding one-time items, Micron swung to a net loss of $0.05 during the three months ended March 3, reversing a $0.24 per share profit during the year-ago period but coming in smaller than the $0.09 per share loss Wall Street was expecting. Revenue declined 29.6% from last year to $2.93 billion, trailing the Capital IQ consensus by around $120 million.
For Q3, the company is projecting an adjusted net loss of $0.05 to $0.12 per share on between $2.9 billion to $3.2 billion in the revenue. The Street is modeling a $0.03 per share on $3.19 billion in revenue.
Following the sub-par results and outlook, analysts at Macquarie reduced their investment call for Micron shares to Neutral from Outperform while the stock also was cut today to Market Perform from Outperform at Bernstein. Elsewhere, Topeka Capital Markets pared their price target for the company's stock by $3 to $13 a share, keeping its Buy rating, while Cowen trimmed its price target by $7 to $13 a share while maintaining its Outperform rating.
MU shares were down more than 2% at $10.21 each, recovering moderately from a session low of $10.17 a share.
In other sector news,
(+) FIT, (+6.2%) Longbow initiates coverage with a Buy rating and $20 price target.
(-) SUNE, (-8.5%) Hedge fund manager David Tepper of Appaloosa Management reportedly files amended lawsuit seeking to have SUNE executives removed from TerraForm Power ( TERP ) management.
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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.
