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In the Premarket trading session on Thursday, Micron Technology’s stock was trading at 54.90- higher by 3.51% as compared to its previous closing price.
The memory and storage company on Wednesday reported earnings for the fiscal first quarter that beat the market expectation.
Micron Technology generated an EPS (excluding items) of 48 cents for its latest quarter. The EPS was above the market expectation of 47 cents. The company brought in $5.14 billion in revenue for the first quarter. Revenue was above the consensus estimates of $5.01 billion.
Micron Technology reported better-than-expected quarterly earnings, thanks to an uptick in demand for memory chips after a tepid year. The memory and storage company expects second-quarter revenue between $4.5 billion and $4.8 billion. The markets were expecting revenue of $4.78 billion for the second quarter.
The company also said that it expected a recovery in the next year after a cyclical bottom in the second quarter. The memory and storage company also disclosed that it had received all requested licenses to supply some products to its largest customer, Huawei.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 54.75 TAKE PROFIT AT 55.45 STOP LOSS AT 54.40